DDM Analysis: TKNO4.SA

Valuation Snapshot

Stable Growth	$1,199.48 - $2,399.42	$2,248.61
Multi-Stage	$373.76 - $408.95	$391.03
Blended Fair Value	$1,319.82
Current Price	$175.00
Upside	654.18%
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%	5.24%	3.76	3.68	5.29	2.31	0.17	0.00	0.00	0.00	0.00	1.45
YoY Growth	-	-	2.20%	-30.37%	129.09%	1,288.16%	0.00%	0.00%	0.00%	0.00%	-100.00%	-35.91%
Dividend Yield	-	-	4.30%	5.04%	9.04%	3.30%	0.35%	0.00%	0.00%	0.00%	0.00%	3.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.57
(-) Cash Dividends Paid (M)	18.52
(=) Cash Retained (M)	17.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.11	4.45	2.67
Cash Retained (M)	17.05	17.05	17.05
(-) Cash Required (M)	-7.11	-4.45	-2.67
(=) Excess Retained (M)	9.93	12.60	14.38
(/) Shares Outstanding (M)	2.95	2.95	2.95
(=) Excess Retained per Share	3.37	4.27	4.88
LTM Dividend per Share	6.28	6.28	6.28
(+) Excess Retained per Share	3.37	4.27	4.88
(=) Adjusted Dividend	9.65	10.56	11.16
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,199.48	$2,248.61	$2,399.42
Upside / Downside	585.42%	1,184.92%	1,271.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.57	37.88	40.34	42.96	45.76	48.73	50.19
Payout Ratio	52.08%	59.66%	67.25%	74.83%	82.42%	90.00%	92.50%
Projected Dividends (M)	18.52	22.60	27.13	32.15	37.71	43.86	46.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	21.05	21.25	21.45
Year 2 PV (M)	23.54	23.99	24.44
Year 3 PV (M)	25.98	26.73	27.49
Year 4 PV (M)	28.39	29.48	30.60
Year 5 PV (M)	30.75	32.24	33.78
PV of Terminal Value (M)	972.11	1,019.06	1,067.81
Equity Value (M)	1,101.82	1,152.74	1,205.57
Shares Outstanding (M)	2.95	2.95	2.95
Fair Value	$373.76	$391.03	$408.95
Upside / Downside	113.58%	123.45%	133.69%

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Tekno S.A. Indústria e Comércio (TKNO4.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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