DDM Analysis: KVSA

Valuation Snapshot

Stable Growth	$1.88 - $2.97	$2.37
Multi-Stage	$4.66 - $5.14	$4.89
Blended Fair Value	$3.63
Current Price	$10.64
Upside	-65.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.39
(-) Cash Dividends Paid (M)	0.52
(=) Cash Retained (M)	4.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.08	0.67	0.40
Cash Retained (M)	4.88	4.88	4.88
(-) Cash Required (M)	-1.08	-0.67	-0.40
(=) Excess Retained (M)	3.80	4.20	4.47
(/) Shares Outstanding (M)	28.62	28.62	28.62
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	5.88%	5.88%	5.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.88	$2.37	$2.97
Upside / Downside	-82.37%	-77.69%	-72.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.39	5.34	5.29	5.23	5.18	5.13	5.28
Payout Ratio	9.61%	25.69%	41.76%	57.84%	73.92%	90.00%	92.50%
Projected Dividends (M)	0.52	1.37	2.21	3.03	3.83	4.62	4.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.88%	5.88%	5.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1.28	1.30	1.31
Year 2 PV (M)	1.93	1.97	2.01
Year 3 PV (M)	2.47	2.55	2.63
Year 4 PV (M)	2.93	3.05	3.17
Year 5 PV (M)	3.30	3.47	3.65
PV of Terminal Value (M)	121.30	127.62	134.20
Equity Value (M)	133.21	139.95	146.96
Shares Outstanding (M)	28.62	28.62	28.62
Fair Value	$4.66	$4.89	$5.14
Upside / Downside	-56.25%	-54.03%	-51.73%

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Khosla Ventures Acquisition Co. (KVSA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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