DDM Analysis: KBHL.CO

Valuation Snapshot

Stable Growth	$2,091.79 - $3,914.66	$2,834.98
Multi-Stage	$5,311.39 - $5,852.92	$5,576.85
Blended Fair Value	$4,205.92
Current Price	$6,540.00
Upside	-35.69%
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	-44.78%	-26.02%	6.11	9.87	7.66	0.00	0.00	118.96	157.56	155.09	153.32	129.04
YoY Growth	-	-	-38.16%	28.81%	0.00%	0.00%	-100.00%	-24.50%	1.59%	1.15%	18.82%	3.77%
Dividend Yield	-	-	0.10%	0.18%	0.12%	0.00%	0.00%	2.41%	2.67%	2.78%	2.55%	3.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,092.00
(-) Cash Dividends Paid (M)	229.00
(=) Cash Retained (M)	863.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	218.40	136.50	81.90
Cash Retained (M)	863.00	863.00	863.00
(-) Cash Required (M)	-218.40	-136.50	-81.90
(=) Excess Retained (M)	644.60	726.50	781.10
(/) Shares Outstanding (M)	7.70	7.70	7.70
(=) Excess Retained per Share	83.74	94.38	101.47
LTM Dividend per Share	29.75	29.75	29.75
(+) Excess Retained per Share	83.74	94.38	101.47
(=) Adjusted Dividend	113.49	124.13	131.22
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	-0.31%	0.69%	1.69%
Fair Value	$2,091.79	$2,834.98	$3,914.66
Upside / Downside	-68.02%	-56.65%	-40.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,092.00	1,099.55	1,107.15	1,114.81	1,122.51	1,130.27	1,164.18
Payout Ratio	20.97%	34.78%	48.58%	62.39%	76.19%	90.00%	92.50%
Projected Dividends (M)	229.00	382.39	537.88	695.51	855.29	1,017.25	1,076.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	-0.31%	0.69%	1.69%
Year 1 PV (M)	360.22	363.83	367.44
Year 2 PV (M)	477.32	486.94	496.66
Year 3 PV (M)	581.42	599.09	617.12
Year 4 PV (M)	673.54	700.97	729.23
Year 5 PV (M)	754.63	793.25	833.43
PV of Terminal Value (M)	38,037.23	39,983.64	42,008.92
Equity Value (M)	40,884.35	42,927.72	45,052.81
Shares Outstanding (M)	7.70	7.70	7.70
Fair Value	$5,311.39	$5,576.85	$5,852.92
Upside / Downside	-18.79%	-14.73%	-10.51%

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Københavns Lufthavne A/S (KBHL.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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