DDM Analysis: KARE.AT

Valuation Snapshot

Stable Growth	$874.52 - $2,663.30	$1,392.57
Multi-Stage	$858.44 - $940.75	$898.83
Blended Fair Value	$1,145.70
Current Price	$312.00
Upside	267.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.48%	3.86%	12.40	11.80	11.00	9.40	9.40	9.49	9.19	9.20	8.51	9.29
YoY Growth	-	-	5.08%	7.29%	16.99%	-0.01%	-0.97%	3.31%	-0.06%	8.05%	-8.39%	9.41%
Dividend Yield	-	-	4.00%	3.47%	3.50%	3.33%	3.03%	3.89%	3.51%	3.22%	3.22%	3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.12
(-) Cash Dividends Paid (M)	36.70
(=) Cash Retained (M)	58.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.02	11.89	7.13
Cash Retained (M)	58.42	58.42	58.42
(-) Cash Required (M)	-19.02	-11.89	-7.13
(=) Excess Retained (M)	39.40	46.53	51.29
(/) Shares Outstanding (M)	2.76	2.76	2.76
(=) Excess Retained per Share	14.27	16.86	18.58
LTM Dividend per Share	13.30	13.30	13.30
(+) Excess Retained per Share	14.27	16.86	18.58
(=) Adjusted Dividend	27.57	30.16	31.88
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	3.48%	4.48%	5.48%
Fair Value	$874.52	$1,392.57	$2,663.30
Upside / Downside	180.29%	346.34%	753.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.12	99.39	103.85	108.50	113.37	118.45	122.01
Payout Ratio	38.58%	48.87%	59.15%	69.43%	79.72%	90.00%	92.50%
Projected Dividends (M)	36.70	48.57	61.43	75.34	90.37	106.61	112.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	3.48%	4.48%	5.48%
Year 1 PV (M)	45.06	45.50	45.93
Year 2 PV (M)	52.88	53.91	54.94
Year 3 PV (M)	60.17	61.94	63.73
Year 4 PV (M)	66.97	69.60	72.30
Year 5 PV (M)	73.30	76.91	80.67
PV of Terminal Value (M)	2,070.90	2,172.92	2,278.91
Equity Value (M)	2,369.30	2,480.77	2,596.49
Shares Outstanding (M)	2.76	2.76	2.76
Fair Value	$858.44	$898.83	$940.75
Upside / Downside	175.14%	188.09%	201.52%

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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
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ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
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Karelia Tobacco Company Inc. (KARE.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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