DDM Analysis: TRAC-B.ST

Valuation Snapshot

Stable Growth	$204.93 - $434.60	$290.91
Multi-Stage	$162.60 - $176.89	$169.62
Blended Fair Value	$230.27
Current Price	$253.00
Upside	-8.99%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.78%	15.56%	10.45	8.80	4.85	2.00	4.20	3.60	2.75	2.15	2.55	2.01
YoY Growth	-	-	18.74%	81.59%	142.23%	-52.33%	16.73%	30.71%	27.99%	-15.65%	26.94%	-18.41%
Dividend Yield	-	-	3.90%	3.30%	1.98%	0.78%	2.06%	2.28%	1.44%	1.34%	1.48%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	161.60
(-) Cash Dividends Paid (M)	133.10
(=) Cash Retained (M)	28.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.32	20.20	12.12
Cash Retained (M)	28.50	28.50	28.50
(-) Cash Required (M)	-32.32	-20.20	-12.12
(=) Excess Retained (M)	-3.82	8.30	16.38
(/) Shares Outstanding (M)	14.79	14.79	14.79
(=) Excess Retained per Share	-0.26	0.56	1.11
LTM Dividend per Share	9.00	9.00	9.00
(+) Excess Retained per Share	-0.26	0.56	1.11
(=) Adjusted Dividend	8.74	9.56	10.11
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$204.93	$290.91	$434.60
Upside / Downside	-19.00%	14.99%	71.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	161.60	172.10	183.29	195.20	207.89	221.41	228.05
Payout Ratio	82.36%	83.89%	85.42%	86.95%	88.47%	90.00%	92.50%
Projected Dividends (M)	133.10	144.38	156.56	169.72	183.93	199.27	210.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	130.02	131.25	132.49
Year 2 PV (M)	126.97	129.39	131.83
Year 3 PV (M)	123.96	127.51	131.14
Year 4 PV (M)	120.97	125.63	130.41
Year 5 PV (M)	118.03	123.73	129.65
PV of Terminal Value (M)	1,784.93	1,871.14	1,960.65
Equity Value (M)	2,404.88	2,508.66	2,616.17
Shares Outstanding (M)	14.79	14.79	14.79
Fair Value	$162.60	$169.62	$176.89
Upside / Downside	-35.73%	-32.96%	-30.08%

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AB Traction (TRAC-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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