DDM Analysis: BN4.SI

Valuation Snapshot

Stable Growth	$2.74 - $3.98	$3.34
Multi-Stage	$7.54 - $8.31	$7.92
Blended Fair Value	$5.63
Current Price	$7.42
Upside	-24.15%
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	7.79%	-2.24%	0.33	0.32	0.35	0.19	0.15	0.23	0.29	0.20	0.30	0.48
YoY Growth	-	-	4.57%	-9.59%	86.04%	26.61%	-34.66%	-20.57%	44.73%	-33.25%	-37.57%	14.36%
Dividend Yield	-	-	4.85%	4.31%	6.23%	5.66%	4.26%	6.61%	6.98%	3.92%	6.57%	12.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	693.26
(-) Cash Dividends Paid (M)	522.06
(=) Cash Retained (M)	171.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	138.65	86.66	51.99
Cash Retained (M)	171.20	171.20	171.20
(-) Cash Required (M)	-138.65	-86.66	-51.99
(=) Excess Retained (M)	32.55	84.54	119.21
(/) Shares Outstanding (M)	1,833.51	1,833.51	1,833.51
(=) Excess Retained per Share	0.02	0.05	0.07
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.02	0.05	0.07
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-4.24%	-3.24%	-2.24%
Fair Value	$2.74	$3.34	$3.98
Upside / Downside	-63.13%	-55.00%	-46.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	693.26	670.78	649.03	627.98	607.62	587.92	605.55
Payout Ratio	75.31%	78.24%	81.18%	84.12%	87.06%	90.00%	92.50%
Projected Dividends (M)	522.06	524.84	526.90	528.27	529.00	529.12	560.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-4.24%	-3.24%	-2.24%
Year 1 PV (M)	488.43	493.53	498.63
Year 2 PV (M)	456.32	465.91	475.59
Year 3 PV (M)	425.77	439.25	453.01
Year 4 PV (M)	396.78	413.61	430.98
Year 5 PV (M)	369.34	389.03	409.55
PV of Terminal Value (M)	11,690.48	12,313.79	12,963.40
Equity Value (M)	13,827.12	14,515.12	15,231.16
Shares Outstanding (M)	1,833.51	1,833.51	1,833.51
Fair Value	$7.54	$7.92	$8.31
Upside / Downside	1.64%	6.69%	11.96%

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Keppel Corporation Limited (BN4.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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