DDM Analysis: KRI.AT

Valuation Snapshot

Stable Growth	$87.53 - $167.03	$156.53
Multi-Stage	$26.17 - $28.64	$27.38
Blended Fair Value	$91.96
Current Price	$18.92
Upside	386.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.46%	0.00%	0.35	0.20	0.20	0.21	0.17	0.15	0.10	0.08	0.05	0.05
YoY Growth	-	-	75.10%	-0.01%	-5.27%	25.02%	12.48%	51.70%	26.69%	43.99%	-0.12%	0.00%
Dividend Yield	-	-	2.19%	1.77%	3.16%	2.93%	2.26%	3.52%	2.03%	2.06%	2.78%	3.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27.68
(-) Cash Dividends Paid (M)	11.57
(=) Cash Retained (M)	16.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.54	3.46	2.08
Cash Retained (M)	16.10	16.10	16.10
(-) Cash Required (M)	-5.54	-3.46	-2.08
(=) Excess Retained (M)	10.57	12.65	14.03
(/) Shares Outstanding (M)	32.95	32.95	32.95
(=) Excess Retained per Share	0.32	0.38	0.43
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.32	0.38	0.43
(=) Adjusted Dividend	0.67	0.73	0.78
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$87.53	$156.53	$167.03
Upside / Downside	362.63%	727.33%	782.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27.68	29.47	31.39	33.43	35.60	37.92	39.06
Payout Ratio	41.81%	51.45%	61.09%	70.72%	80.36%	90.00%	92.50%
Projected Dividends (M)	11.57	15.16	19.18	23.64	28.61	34.13	36.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14.13	14.26	14.40
Year 2 PV (M)	16.65	16.97	17.29
Year 3 PV (M)	19.13	19.68	20.24
Year 4 PV (M)	21.57	22.40	23.25
Year 5 PV (M)	23.97	25.13	26.33
PV of Terminal Value (M)	766.78	803.81	842.26
Equity Value (M)	862.23	902.25	943.77
Shares Outstanding (M)	32.95	32.95	32.95
Fair Value	$26.17	$27.38	$28.64
Upside / Downside	38.30%	44.72%	51.38%

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Financial Statements

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Ticker

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Sector

Kri-Kri Milk Industry S.A. (KRI.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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