DDM Analysis: KNOP

Valuation Snapshot

Stable Growth	$7.99 - $11.93	$9.86
Multi-Stage	$19.13 - $21.09	$20.09
Blended Fair Value	$14.98
Current Price	$6.26
Upside	139.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-33.39%	-11.83%	0.30	0.30	2.31	2.31	2.31	2.31	2.31	2.01	1.75	1.55
YoY Growth	-	-	0.00%	-86.90%	0.11%	0.06%	0.00%	0.00%	15.03%	14.64%	12.72%	45.67%
Dividend Yield	-	-	4.33%	5.93%	43.11%	13.65%	12.95%	22.61%	12.01%	10.13%	7.51%	9.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.87
(-) Cash Dividends Paid (M)	10.56
(=) Cash Retained (M)	23.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.77	4.23	2.54
Cash Retained (M)	23.31	23.31	23.31
(-) Cash Required (M)	-6.77	-4.23	-2.54
(=) Excess Retained (M)	16.53	19.07	20.77
(/) Shares Outstanding (M)	34.39	34.39	34.39
(=) Excess Retained per Share	0.48	0.55	0.60
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.48	0.55	0.60
(=) Adjusted Dividend	0.79	0.86	0.91
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.05%	-2.05%	-1.05%
Fair Value	$7.99	$9.86	$11.93
Upside / Downside	27.68%	57.59%	90.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.87	33.18	32.50	31.83	31.18	30.54	31.46
Payout Ratio	31.19%	42.95%	54.71%	66.48%	78.24%	90.00%	92.50%
Projected Dividends (M)	10.56	14.25	17.78	21.16	24.39	27.49	29.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.05%	-2.05%	-1.05%
Year 1 PV (M)	13.24	13.38	13.52
Year 2 PV (M)	15.36	15.67	16.00
Year 3 PV (M)	16.98	17.51	18.06
Year 4 PV (M)	18.19	18.96	19.74
Year 5 PV (M)	19.05	20.05	21.10
PV of Terminal Value (M)	575.01	605.28	636.81
Equity Value (M)	657.83	690.85	725.22
Shares Outstanding (M)	34.39	34.39	34.39
Fair Value	$19.13	$20.09	$21.09
Upside / Downside	205.53%	220.87%	236.83%

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KNOT Offshore Partners LP (KNOP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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