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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | kr6.97 - kr8.06 | kr7.62 |
| Adjusted Dividend Yield | 1.4% - 1.6% | 1.5% |
| Perpetuity Growth Rate | 4.3% - 4.8% | 4.5% |
| Discount Rate | 8.9% - 6.9% | 7.9% |
| Fair Value | kr157.06 - kr397.15 | kr235.98 |
| Upside | -68.4% - -20.1% | -52.5% |
| Calculate Adjusted Dividend | ||||||||
| (SEK in millions) | Latest | Notes | ||||||
| Net Income To Common | 4,669 | |||||||
| (-) Cash Dividends Paid | (856) | |||||||
| (=) Cash Retained | 3,813 | 81.7% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 4,669 | 4,669 | 4,669 | |||||
| (=) Cash Required | 934 | 584 | 350 | |||||
| Cash Retained | 3,813 | 3,813 | 3,813 | |||||
| (-) Cash Required | (934) | (584) | (350) | |||||
| (=) Excess Retained | 2,879 | 3,229 | 3,463 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (SEK) | 2,879 | 3,229 | 3,463 | |||||
| (/) Shares Outstanding | 536.1 | 536.1 | 536.1 | |||||
| (=) Excess Retained per Share | 5.37 | 6.02 | 6.46 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.60 | 1.60 | 1.60 | |||||
| (+) Excess Retained per Share | 5.37 | 6.02 | 6.46 | |||||
| Adjusted Dividend | 6.97 | 7.62 | 8.06 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 7.62 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 6.9% | 7.4% | 7.9% | 8.4% | 8.9% | |||
| 2.5% | 178.55 | 160.24 | 145.34 | 132.97 | 122.54 | |||
| 3.5% | 233.72 | 203.56 | 180.30 | 161.80 | 146.75 | |||
| 4.5% | 335.33 | 277.02 | 235.98 | 205.53 | 182.04 | |||
| 5.5% | 584.76 | 428.82 | 338.54 | 279.67 | 238.23 | |||
| 6.5% | 2,164.43 | 927.61 | 590.30 | 432.89 | 341.75 | |||