DDM Analysis: KEMIRA.HE

Valuation Snapshot

Stable Growth	$23.05 - $44.81	$31.70
Multi-Stage	$36.73 - $40.33	$38.50
Blended Fair Value	$35.10
Current Price	$19.67
Upside	78.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.29%	1.99%	0.67	0.61	0.57	0.61	0.55	0.52	0.56	0.56	0.56	0.56
YoY Growth	-	-	9.98%	7.09%	-6.72%	11.20%	5.93%	-7.33%	0.46%	0.46%	-0.12%	0.70%
Dividend Yield	-	-	3.36%	3.50%	3.53%	5.17%	4.22%	5.90%	5.01%	5.38%	4.84%	5.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	224.60
(-) Cash Dividends Paid (M)	112.00
(=) Cash Retained (M)	112.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.92	28.08	16.85
Cash Retained (M)	112.60	112.60	112.60
(-) Cash Required (M)	-44.92	-28.08	-16.85
(=) Excess Retained (M)	67.68	84.53	95.76
(/) Shares Outstanding (M)	155.30	155.30	155.30
(=) Excess Retained per Share	0.44	0.54	0.62
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	0.44	0.54	0.62
(=) Adjusted Dividend	1.16	1.27	1.34
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.27%	2.27%	3.27%
Fair Value	$23.05	$31.70	$44.81
Upside / Downside	17.19%	61.14%	127.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	224.60	229.70	234.92	240.25	245.71	251.29	258.83
Payout Ratio	49.87%	57.89%	65.92%	73.95%	81.97%	90.00%	92.50%
Projected Dividends (M)	112.00	132.98	154.86	177.66	201.42	226.16	239.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.27%	2.27%	3.27%
Year 1 PV (M)	123.81	125.04	126.26
Year 2 PV (M)	134.24	136.91	139.60
Year 3 PV (M)	143.39	147.68	152.05
Year 4 PV (M)	151.36	157.43	163.67
Year 5 PV (M)	158.24	166.21	174.49
PV of Terminal Value (M)	4,993.72	5,245.19	5,506.69
Equity Value (M)	5,704.76	5,978.44	6,262.76
Shares Outstanding (M)	155.30	155.30	155.30
Fair Value	$36.73	$38.50	$40.33
Upside / Downside	86.75%	95.71%	105.02%

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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
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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%
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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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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Kemira Oyj (KEMIRA.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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