DDM Analysis: KSTN.TA

Valuation Snapshot

Stable Growth	$26.50 - $39.42	$32.66
Multi-Stage	$48.71 - $53.63	$51.12
Blended Fair Value	$41.89
Current Price	$9.52
Upside	339.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.43	0.26	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	65.11%	12.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.29%	5.05%	4.79%	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)	563.67
(-) Cash Dividends Paid (M)	80.02
(=) Cash Retained (M)	483.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	112.73	70.46	42.27
Cash Retained (M)	483.65	483.65	483.65
(-) Cash Required (M)	-112.73	-70.46	-42.27
(=) Excess Retained (M)	370.92	413.19	441.38
(/) Shares Outstanding (M)	172.40	172.40	172.40
(=) Excess Retained per Share	2.15	2.40	2.56
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	2.15	2.40	2.56
(=) Adjusted Dividend	2.62	2.86	3.02
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.50	$32.66	$39.42
Upside / Downside	178.36%	243.03%	314.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	563.67	558.03	552.45	546.92	541.46	536.04	552.12
Payout Ratio	14.20%	29.36%	44.52%	59.68%	74.84%	90.00%	92.50%
Projected Dividends (M)	80.02	163.82	245.94	326.39	405.22	482.44	510.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	150.61	152.14	153.68
Year 2 PV (M)	207.87	212.13	216.44
Year 3 PV (M)	253.63	261.47	269.48
Year 4 PV (M)	289.49	301.49	313.85
Year 5 PV (M)	316.86	333.36	350.54
PV of Terminal Value (M)	7,178.36	7,552.16	7,941.36
Equity Value (M)	8,396.81	8,812.75	9,245.35
Shares Outstanding (M)	172.40	172.40	172.40
Fair Value	$48.71	$51.12	$53.63
Upside / Downside	411.61%	436.95%	463.31%

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Keystone REIT Ltd. (KSTN.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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