DDM Analysis: KGF.L

Valuation Snapshot

Stable Growth	$2.53 - $3.83	$3.14
Multi-Stage	$4.16 - $4.56	$4.36
Blended Fair Value	$3.75
Current Price	$2.71
Upside	38.33%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.09%	-3.75%	0.12	0.13	0.13	0.14	0.00	0.12	0.12	0.12	0.12	0.12
YoY Growth	-	-	-3.80%	-3.66%	-3.15%	0.00%	-100.00%	-1.73%	0.00%	0.43%	-0.86%	-30.54%
Dividend Yield	-	-	4.98%	5.79%	4.74%	4.13%	0.00%	5.98%	5.57%	3.58%	3.68%	3.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	530.00
(-) Cash Dividends Paid (M)	452.00
(=) Cash Retained (M)	78.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.00	66.25	39.75
Cash Retained (M)	78.00	78.00	78.00
(-) Cash Required (M)	-106.00	-66.25	-39.75
(=) Excess Retained (M)	-28.00	11.75	38.25
(/) Shares Outstanding (M)	1,860.00	1,860.00	1,860.00
(=) Excess Retained per Share	-0.02	0.01	0.02
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	-0.02	0.01	0.02
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	8.53%	8.53%	8.53%
Growth Rate	-0.45%	0.55%	1.55%
Fair Value	$2.53	$3.14	$3.83
Upside / Downside	-6.75%	15.92%	41.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	530.00	532.89	535.80	538.73	541.67	544.62	560.96
Payout Ratio	85.28%	86.23%	87.17%	88.11%	89.06%	90.00%	92.50%
Projected Dividends (M)	452.00	459.49	467.06	474.69	482.39	490.16	518.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.53%	8.53%	8.53%
Growth Rate	-0.45%	0.55%	1.55%
Year 1 PV (M)	419.19	423.40	427.61
Year 2 PV (M)	388.71	396.55	404.48
Year 3 PV (M)	360.40	371.37	382.56
Year 4 PV (M)	334.12	347.75	361.79
Year 5 PV (M)	309.72	325.59	342.11
PV of Terminal Value (M)	5,933.40	6,237.47	6,553.88
Equity Value (M)	7,745.53	8,102.13	8,472.43
Shares Outstanding (M)	1,860.00	1,860.00	1,860.00
Fair Value	$4.16	$4.36	$4.56
Upside / Downside	53.66%	60.74%	68.08%

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Kingfisher plc (KGF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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