DDM Analysis: SB1NO.OL

Valuation Snapshot

Stable Growth	$1,044.59 - $3,438.46	$3,222.34
Multi-Stage	$456.85 - $499.62	$477.84
Blended Fair Value	$1,850.09
Current Price	$177.80
Upside	940.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.48%	17.09%	5.28	4.77	4.09	5.86	0.00	3.07	2.90	1.36	1.02	1.36
YoY Growth	-	-	10.73%	16.61%	-30.23%	0.00%	-100.00%	5.89%	112.72%	33.07%	-25.00%	25.18%
Dividend Yield	-	-	3.12%	3.54%	3.38%	4.36%	0.00%	5.18%	2.90%	1.59%	1.59%	3.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,489.00
(-) Cash Dividends Paid (M)	3,191.00
(=) Cash Retained (M)	3,298.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,297.80	811.13	486.68
Cash Retained (M)	3,298.00	3,298.00	3,298.00
(-) Cash Required (M)	-1,297.80	-811.13	-486.68
(=) Excess Retained (M)	2,000.20	2,486.88	2,811.33
(/) Shares Outstanding (M)	375.31	375.31	375.31
(=) Excess Retained per Share	5.33	6.63	7.49
LTM Dividend per Share	8.50	8.50	8.50
(+) Excess Retained per Share	5.33	6.63	7.49
(=) Adjusted Dividend	13.83	15.13	15.99
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,044.59	$3,222.34	$3,438.46
Upside / Downside	487.51%	1,712.34%	1,833.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,489.00	6,910.79	7,359.99	7,838.39	8,347.88	8,890.49	9,157.21
Payout Ratio	49.18%	57.34%	65.51%	73.67%	81.84%	90.00%	92.50%
Projected Dividends (M)	3,191.00	3,962.67	4,821.18	5,774.55	6,831.50	8,001.44	8,470.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,672.20	3,707.00	3,741.81
Year 2 PV (M)	4,140.27	4,219.13	4,298.73
Year 3 PV (M)	4,595.48	4,727.40	4,861.82
Year 4 PV (M)	5,038.09	5,231.84	5,431.13
Year 5 PV (M)	5,468.35	5,732.47	6,006.70
PV of Terminal Value (M)	148,548.22	155,723.15	163,172.69
Equity Value (M)	171,462.60	179,341.00	187,512.89
Shares Outstanding (M)	375.31	375.31	375.31
Fair Value	$456.85	$477.84	$499.62
Upside / Downside	156.95%	168.75%	181.00%

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SpareBank 1 Sørøst-Norge (SB1NO.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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