DDM Analysis: KNX

Valuation Snapshot

Stable Growth	$21.58 - $61.13	$33.65
Multi-Stage	$15.08 - $16.45	$15.76
Blended Fair Value	$24.70
Current Price	$39.51
Upside	-37.47%
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	20.25%	18.15%	0.64	0.56	0.48	0.39	0.34	0.25	0.26	0.16	0.12	0.12
YoY Growth	-	-	14.27%	16.40%	23.25%	16.32%	31.85%	-3.14%	68.03%	29.89%	-1.45%	1.21%
Dividend Yield	-	-	1.47%	1.02%	0.85%	0.77%	0.70%	0.78%	0.79%	0.34%	0.38%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	142.24
(-) Cash Dividends Paid (M)	84.88
(=) Cash Retained (M)	57.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.45	17.78	10.67
Cash Retained (M)	57.36	57.36	57.36
(-) Cash Required (M)	-28.45	-17.78	-10.67
(=) Excess Retained (M)	28.91	39.58	46.69
(/) Shares Outstanding (M)	162.51	162.51	162.51
(=) Excess Retained per Share	0.18	0.24	0.29
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.18	0.24	0.29
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.58	$33.65	$61.13
Upside / Downside	-45.39%	-14.83%	54.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	142.24	151.49	161.33	171.82	182.99	194.88	200.73
Payout Ratio	59.68%	65.74%	71.81%	77.87%	83.94%	90.00%	92.50%
Projected Dividends (M)	84.88	99.59	115.84	133.80	153.59	175.39	185.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	90.57	91.43	92.29
Year 2 PV (M)	95.82	97.64	99.48
Year 3 PV (M)	100.64	103.53	106.48
Year 4 PV (M)	105.07	109.11	113.27
Year 5 PV (M)	109.12	114.39	119.87
PV of Terminal Value (M)	1,950.09	2,044.28	2,142.07
Equity Value (M)	2,451.31	2,560.38	2,673.45
Shares Outstanding (M)	162.51	162.51	162.51
Fair Value	$15.08	$15.76	$16.45
Upside / Downside	-61.82%	-60.12%	-58.36%

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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Knight-Swift Transportation Holdings Inc. (KNX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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