DDM Analysis: KVT.WA

Valuation Snapshot

Stable Growth	$28.24 - $93.53	$46.00
Multi-Stage	$27.21 - $29.84	$28.50
Blended Fair Value	$37.25
Current Price	$10.20
Upside	265.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.20	0.00	1.47	2.24	0.66	0.24	0.17	0.74	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	-34.38%	239.40%	175.03%	41.14%	-77.02%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	1.90%	0.00%	10.14%	11.73%	15.75%	4.36%	2.88%	10.36%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.97
(-) Cash Dividends Paid (M)	3.31
(=) Cash Retained (M)	9.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.59	1.62	0.97
Cash Retained (M)	9.66	9.66	9.66
(-) Cash Required (M)	-2.59	-1.62	-0.97
(=) Excess Retained (M)	7.07	8.04	8.69
(/) Shares Outstanding (M)	12.25	12.25	12.25
(=) Excess Retained per Share	0.58	0.66	0.71
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.58	0.66	0.71
(=) Adjusted Dividend	0.85	0.93	0.98
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$28.24	$46.00	$93.53
Upside / Downside	176.83%	350.96%	817.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.97	13.56	14.17	14.80	15.47	16.17	16.65
Payout Ratio	25.50%	38.40%	51.30%	64.20%	77.10%	90.00%	92.50%
Projected Dividends (M)	3.31	5.21	7.27	9.50	11.93	14.55	15.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	4.84	4.88	4.93
Year 2 PV (M)	6.27	6.39	6.52
Year 3 PV (M)	7.62	7.84	8.07
Year 4 PV (M)	8.89	9.23	9.59
Year 5 PV (M)	10.07	10.57	11.08
PV of Terminal Value (M)	295.72	310.28	325.41
Equity Value (M)	333.41	349.21	365.61
Shares Outstanding (M)	12.25	12.25	12.25
Fair Value	$27.21	$28.50	$29.84
Upside / Downside	166.78%	179.43%	192.55%

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Krynica Vitamin S.A. (KVT.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener