DDM Analysis: FLOB.BR

Valuation Snapshot

Stable Growth	$533.14 - $1,751.96	$866.60
Multi-Stage	$346.01 - $378.17	$361.80
Blended Fair Value	$614.20
Current Price	$680.00
Upside	-9.68%
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	3.55%	0.00%	2.50	2.50	2.50	2.30	0.00	2.10	2.33	2.14	2.04	0.00
YoY Growth	-	-	0.00%	0.00%	8.70%	0.00%	-100.00%	-9.94%	9.13%	4.96%	0.00%	0.00%
Dividend Yield	-	-	0.37%	0.37%	0.36%	0.34%	0.00%	1.00%	1.33%	1.18%	1.62%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.29
(-) Cash Dividends Paid (M)	4.90
(=) Cash Retained (M)	14.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.86	2.41	1.45
Cash Retained (M)	14.39	14.39	14.39
(-) Cash Required (M)	-3.86	-2.41	-1.45
(=) Excess Retained (M)	10.53	11.98	12.95
(/) Shares Outstanding (M)	0.98	0.98	0.98
(=) Excess Retained per Share	10.76	12.23	13.22
LTM Dividend per Share	5.00	5.00	5.00
(+) Excess Retained per Share	10.76	12.23	13.22
(=) Adjusted Dividend	15.76	17.23	18.22
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$533.14	$866.60	$1,751.96
Upside / Downside	-21.60%	27.44%	157.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.29	20.54	21.88	23.30	24.82	26.43	27.22
Payout Ratio	25.39%	38.31%	51.23%	64.16%	77.08%	90.00%	92.50%
Projected Dividends (M)	4.90	7.87	11.21	14.95	19.13	23.79	25.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.18	7.25	7.31
Year 2 PV (M)	9.32	9.50	9.68
Year 3 PV (M)	11.34	11.67	12.00
Year 4 PV (M)	13.23	13.74	14.27
Year 5 PV (M)	15.01	15.73	16.49
PV of Terminal Value (M)	282.83	296.49	310.67
Equity Value (M)	338.91	354.38	370.42
Shares Outstanding (M)	0.98	0.98	0.98
Fair Value	$346.01	$361.80	$378.17
Upside / Downside	-49.12%	-46.79%	-44.39%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Floridienne S.A. (FLOB.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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