DDM Analysis: KMP-UN.TO

Valuation Snapshot

Stable Growth	$231.38 - $879.18	$672.55
Multi-Stage	$106.96 - $117.14	$111.96
Blended Fair Value	$392.25
Current Price	$19.61
Upside	1,900.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.07%	7.05%	0.49	0.47	0.48	0.42	0.41	0.37	0.34	0.30	0.26	0.25
YoY Growth	-	-	5.75%	-3.21%	14.85%	3.67%	10.20%	8.22%	13.37%	16.49%	3.62%	-0.59%
Dividend Yield	-	-	2.83%	2.57%	2.82%	1.97%	2.19%	2.34%	1.74%	2.16%	2.03%	2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	540.33
(-) Cash Dividends Paid (M)	46.33
(=) Cash Retained (M)	494.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.07	67.54	40.52
Cash Retained (M)	494.00	494.00	494.00
(-) Cash Required (M)	-108.07	-67.54	-40.52
(=) Excess Retained (M)	385.93	426.46	453.47
(/) Shares Outstanding (M)	122.22	122.22	122.22
(=) Excess Retained per Share	3.16	3.49	3.71
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	3.16	3.49	3.71
(=) Adjusted Dividend	3.54	3.87	4.09
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$231.38	$672.55	$879.18
Upside / Downside	1,079.92%	3,329.62%	4,383.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	540.33	575.45	612.85	652.69	695.11	740.29	762.50
Payout Ratio	8.57%	24.86%	41.14%	57.43%	73.71%	90.00%	92.50%
Projected Dividends (M)	46.33	143.05	252.15	374.83	512.40	666.26	705.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	132.30	133.55	134.81
Year 2 PV (M)	215.67	219.78	223.93
Year 3 PV (M)	296.50	305.01	313.69
Year 4 PV (M)	374.85	389.27	404.09
Year 5 PV (M)	450.77	472.55	495.15
PV of Terminal Value (M)	11,603.39	12,163.84	12,745.74
Equity Value (M)	13,073.49	13,684.00	14,317.40
Shares Outstanding (M)	122.22	122.22	122.22
Fair Value	$106.96	$111.96	$117.14
Upside / Downside	445.45%	470.93%	497.35%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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Killam Apartment REIT (KMP-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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