DDM Analysis: KALMAR.HE

Valuation Snapshot

Stable Growth	$20.78 - $32.04	$26.01
Multi-Stage	$46.53 - $51.22	$48.83
Blended Fair Value	$37.42
Current Price	$33.72
Upside	10.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.00	1.67	0.86	0.27	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-99.81%	94.57%	213.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.01%	6.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	145.00
(-) Cash Dividends Paid (M)	64.00
(=) Cash Retained (M)	81.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.00	18.13	10.88
Cash Retained (M)	81.00	81.00	81.00
(-) Cash Required (M)	-29.00	-18.13	-10.88
(=) Excess Retained (M)	52.00	62.88	70.13
(/) Shares Outstanding (M)	64.26	64.26	64.26
(=) Excess Retained per Share	0.81	0.98	1.09
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	0.81	0.98	1.09
(=) Adjusted Dividend	1.81	1.97	2.09
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$20.78	$26.01	$32.04
Upside / Downside	-38.38%	-22.86%	-4.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	145.00	143.55	142.11	140.69	139.29	137.89	142.03
Payout Ratio	44.14%	53.31%	62.48%	71.66%	80.83%	90.00%	92.50%
Projected Dividends (M)	64.00	76.53	88.80	100.81	112.58	124.10	131.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	71.12	71.85	72.57
Year 2 PV (M)	76.69	78.27	79.86
Year 3 PV (M)	80.92	83.42	85.98
Year 4 PV (M)	83.98	87.46	91.05
Year 5 PV (M)	86.04	90.52	95.18
PV of Terminal Value (M)	2,591.18	2,726.11	2,866.61
Equity Value (M)	2,989.94	3,137.63	3,291.24
Shares Outstanding (M)	64.26	64.26	64.26
Fair Value	$46.53	$48.83	$51.22
Upside / Downside	37.99%	44.81%	51.90%

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Kalmar Oyj (KALMAR.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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