DDM Analysis: KEMIRA.HE

Valuation Snapshot

Stable Growth	$23.05 - $44.81	$31.70
Multi-Stage	$36.73 - $40.33	$38.50
Blended Fair Value	$35.10
Current Price	$19.67
Upside	78.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.29%	1.99%	0.67	0.61	0.57	0.61	0.55	0.52	0.56	0.56	0.56	0.56
YoY Growth	-	-	9.98%	7.09%	-6.72%	11.20%	5.93%	-7.33%	0.46%	0.46%	-0.12%	0.70%
Dividend Yield	-	-	3.36%	3.50%	3.53%	5.17%	4.22%	5.90%	5.01%	5.38%	4.84%	5.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	224.60
(-) Cash Dividends Paid (M)	112.00
(=) Cash Retained (M)	112.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.92	28.08	16.85
Cash Retained (M)	112.60	112.60	112.60
(-) Cash Required (M)	-44.92	-28.08	-16.85
(=) Excess Retained (M)	67.68	84.53	95.76
(/) Shares Outstanding (M)	155.30	155.30	155.30
(=) Excess Retained per Share	0.44	0.54	0.62
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	0.44	0.54	0.62
(=) Adjusted Dividend	1.16	1.27	1.34
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.27%	2.27%	3.27%
Fair Value	$23.05	$31.70	$44.81
Upside / Downside	17.19%	61.14%	127.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	224.60	229.70	234.92	240.25	245.71	251.29	258.83
Payout Ratio	49.87%	57.89%	65.92%	73.95%	81.97%	90.00%	92.50%
Projected Dividends (M)	112.00	132.98	154.86	177.66	201.42	226.16	239.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.27%	2.27%	3.27%
Year 1 PV (M)	123.81	125.04	126.26
Year 2 PV (M)	134.24	136.91	139.60
Year 3 PV (M)	143.39	147.68	152.05
Year 4 PV (M)	151.36	157.43	163.67
Year 5 PV (M)	158.24	166.21	174.49
PV of Terminal Value (M)	4,993.72	5,245.19	5,506.69
Equity Value (M)	5,704.76	5,978.44	6,262.76
Shares Outstanding (M)	155.30	155.30	155.30
Fair Value	$36.73	$38.50	$40.33
Upside / Downside	86.75%	95.71%	105.02%

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298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
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NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
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5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
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PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
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HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
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ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

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Kemira Oyj (KEMIRA.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener