DDM Analysis: KAZT.ME

Valuation Snapshot

Stable Growth	$7,428.53 - $14,962.51	$14,022.07
Multi-Stage	$2,263.57 - $2,480.21	$2,369.89
Blended Fair Value	$8,195.98
Current Price	$458.20
Upside	1,688.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.59%	24.59%	22.04	48.98	43.97	7.81	1.35	6.27	5.39	2.20	5.65	4.15
YoY Growth	-	-	-55.00%	11.39%	462.91%	479.13%	-78.48%	16.20%	145.33%	-61.10%	36.35%	69.54%
Dividend Yield	-	-	4.30%	7.36%	7.34%	1.63%	0.71%	4.24%	4.56%	2.52%	6.30%	5.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,830.30
(-) Cash Dividends Paid (M)	1,228.09
(=) Cash Retained (M)	11,602.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,566.06	1,603.79	962.27
Cash Retained (M)	11,602.21	11,602.21	11,602.21
(-) Cash Required (M)	-2,566.06	-1,603.79	-962.27
(=) Excess Retained (M)	9,036.15	9,998.42	10,639.94
(/) Shares Outstanding (M)	170.53	170.53	170.53
(=) Excess Retained per Share	52.99	58.63	62.39
LTM Dividend per Share	7.20	7.20	7.20
(+) Excess Retained per Share	52.99	58.63	62.39
(=) Adjusted Dividend	60.19	65.83	69.59
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,428.53	$14,022.07	$14,962.51
Upside / Downside	1,521.24%	2,960.25%	3,165.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,830.30	13,664.26	14,552.44	15,498.35	16,505.74	17,578.62	18,105.97
Payout Ratio	9.57%	25.66%	41.74%	57.83%	73.91%	90.00%	92.50%
Projected Dividends (M)	1,228.09	3,505.90	6,074.63	8,962.50	12,200.11	15,820.75	16,748.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,265.46	3,296.42	3,327.37
Year 2 PV (M)	5,270.01	5,370.39	5,471.72
Year 3 PV (M)	7,242.13	7,450.02	7,661.86
Year 4 PV (M)	9,182.20	9,535.32	9,898.54
Year 5 PV (M)	11,090.62	11,626.31	12,182.49
PV of Terminal Value (M)	349,966.11	366,869.61	384,420.04
Equity Value (M)	386,016.55	404,148.07	422,962.01
Shares Outstanding (M)	170.53	170.53	170.53
Fair Value	$2,263.57	$2,369.89	$2,480.21
Upside / Downside	394.01%	417.22%	441.30%

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DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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PJSC KuibyshevAzot (KAZT.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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