DDM Analysis: KIN2.DE

Valuation Snapshot

Stable Growth	$15.15 - $24.16	$19.24
Multi-Stage	$17.24 - $18.90	$18.05
Blended Fair Value	$18.65
Current Price	$24.58
Upside	-24.13%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.12	0.12	0.13	0.12	0.06	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.14%	-4.35%	1.92%	100.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.95%	1.94%	2.65%	2.09%	0.92%	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)	1,752.72
(-) Cash Dividends Paid (M)	146.15
(=) Cash Retained (M)	1,606.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	350.54	219.09	131.45
Cash Retained (M)	1,606.57	1,606.57	1,606.57
(-) Cash Required (M)	-350.54	-219.09	-131.45
(=) Excess Retained (M)	1,256.02	1,387.48	1,475.11
(/) Shares Outstanding (M)	1,230.05	1,230.05	1,230.05
(=) Excess Retained per Share	1.02	1.13	1.20
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	1.02	1.13	1.20
(=) Adjusted Dividend	1.14	1.25	1.32
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	2.04%	3.04%	4.04%
Fair Value	$15.15	$19.24	$24.16
Upside / Downside	-38.35%	-21.71%	-1.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,752.72	1,805.93	1,860.76	1,917.25	1,975.46	2,035.44	2,096.50
Payout Ratio	8.34%	24.67%	41.00%	57.34%	73.67%	90.00%	92.50%
Projected Dividends (M)	146.15	445.54	762.97	1,099.26	1,455.28	1,831.90	1,939.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	2.04%	3.04%	4.04%
Year 1 PV (M)	402.16	406.10	410.04
Year 2 PV (M)	621.63	633.87	646.23
Year 3 PV (M)	808.42	832.42	856.90
Year 4 PV (M)	966.03	1,004.47	1,044.03
Year 5 PV (M)	1,097.64	1,152.49	1,209.51
PV of Terminal Value (M)	17,312.79	18,177.95	19,077.35
Equity Value (M)	21,208.67	22,207.30	23,244.07
Shares Outstanding (M)	1,230.05	1,230.05	1,230.05
Fair Value	$17.24	$18.05	$18.90
Upside / Downside	-29.85%	-26.55%	-23.12%

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Kinross Gold Corporation (KIN2.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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