DDM Analysis: LKD.WA

Valuation Snapshot

Stable Growth	$15.87 - $25.90	$20.36
Multi-Stage	$47.85 - $52.78	$50.26
Blended Fair Value	$35.31
Current Price	$23.00
Upside	53.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.20%	0.00%	2.70	1.88	1.65	0.79	0.23	2.00	1.30	1.14	0.78	0.25
YoY Growth	-	-	43.82%	13.86%	109.29%	248.67%	-88.69%	53.28%	14.66%	46.72%	210.24%	0.00%
Dividend Yield	-	-	12.51%	7.12%	10.71%	4.06%	1.26%	16.81%	7.77%	6.58%	5.35%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.32
(-) Cash Dividends Paid (M)	9.00
(=) Cash Retained (M)	17.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.26	3.29	1.97
Cash Retained (M)	17.32	17.32	17.32
(-) Cash Required (M)	-5.26	-3.29	-1.97
(=) Excess Retained (M)	12.06	14.03	15.35
(/) Shares Outstanding (M)	18.00	18.00	18.00
(=) Excess Retained per Share	0.67	0.78	0.85
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.67	0.78	0.85
(=) Adjusted Dividend	1.17	1.28	1.35
WACC / Discount Rate	5.22%	5.22%	5.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$15.87	$20.36	$25.90
Upside / Downside	-30.99%	-11.50%	12.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.32	26.06	25.80	25.54	25.28	25.03	25.78
Payout Ratio	34.19%	45.35%	56.52%	67.68%	78.84%	90.00%	92.50%
Projected Dividends (M)	9.00	11.82	14.58	17.28	19.93	22.53	23.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.22%	5.22%	5.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.12	11.23	11.35
Year 2 PV (M)	12.90	13.17	13.44
Year 3 PV (M)	14.39	14.84	15.29
Year 4 PV (M)	15.61	16.26	16.93
Year 5 PV (M)	16.60	17.47	18.37
PV of Terminal Value (M)	790.62	831.79	874.65
Equity Value (M)	861.25	904.75	950.02
Shares Outstanding (M)	18.00	18.00	18.00
Fair Value	$47.85	$50.26	$52.78
Upside / Downside	108.03%	118.54%	129.47%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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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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0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
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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%
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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%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
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%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Lokum Deweloper S.A. (LKD.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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