DDM Analysis: KNOP

Valuation Snapshot

Stable Growth	$7.99 - $11.93	$9.87
Multi-Stage	$19.13 - $21.09	$20.09
Blended Fair Value	$14.98
Current Price	$6.26
Upside	139.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-33.39%	-11.83%	0.30	0.30	2.31	2.31	2.31	2.31	2.31	2.01	1.75	1.55
YoY Growth	-	-	0.00%	-86.90%	0.11%	0.06%	0.00%	0.00%	15.03%	14.64%	12.72%	45.67%
Dividend Yield	-	-	4.33%	5.93%	43.11%	13.65%	12.95%	22.61%	12.01%	10.13%	7.51%	9.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.87
(-) Cash Dividends Paid (M)	10.56
(=) Cash Retained (M)	23.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.77	4.23	2.54
Cash Retained (M)	23.31	23.31	23.31
(-) Cash Required (M)	-6.77	-4.23	-2.54
(=) Excess Retained (M)	16.53	19.07	20.77
(/) Shares Outstanding (M)	34.39	34.39	34.39
(=) Excess Retained per Share	0.48	0.55	0.60
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.48	0.55	0.60
(=) Adjusted Dividend	0.79	0.86	0.91
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.05%	-2.05%	-1.05%
Fair Value	$7.99	$9.87	$11.93
Upside / Downside	27.69%	57.59%	90.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.87	33.18	32.50	31.83	31.18	30.54	31.46
Payout Ratio	31.19%	42.95%	54.71%	66.48%	78.24%	90.00%	92.50%
Projected Dividends (M)	10.56	14.25	17.78	21.16	24.39	27.49	29.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.05%	-2.05%	-1.05%
Year 1 PV (M)	13.24	13.38	13.52
Year 2 PV (M)	15.36	15.67	16.00
Year 3 PV (M)	16.98	17.51	18.06
Year 4 PV (M)	18.19	18.96	19.74
Year 5 PV (M)	19.05	20.05	21.10
PV of Terminal Value (M)	575.04	605.32	636.85
Equity Value (M)	657.87	690.89	725.26
Shares Outstanding (M)	34.39	34.39	34.39
Fair Value	$19.13	$20.09	$21.09
Upside / Downside	205.55%	220.89%	236.85%

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0NHS.L	Nutrien Ltd.	3.52%	$2.18	58.76%
CELL.MI	Cellularline S.p.A.	3.52%	$0.09	34.70%
INFREA.ST	Infrea AB	3.52%	$0.50	67.57%
ISSP.JK	PT Steel Pipe Industry of Indonesia Tbk	3.52%	$15.00	19.85%
MGA	Magna International Inc.	3.52%	$1.92	52.47%
PARP.PA	Groupe Partouche S.A.	3.52%	$0.64	38.61%
PKI.TO	Parkland Corporation	3.52%	$1.40	73.81%
SMU.SN	SMU S.A.	3.52%	$5.49	46.99%
161390.KS	Hankook Tire & Technology Co., Ltd.	3.51%	$2,000.00	25.86%
300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
601128.SS	Jiangsu Changshu Rural Commercial Bank Co., Ltd.	3.51%	$0.25	19.56%
INTP.JK	PT Indocement Tunggal Prakarsa Tbk	3.51%	$259.81	43.04%
RATO-A.ST	Ratos AB (publ)	3.51%	$1.35	12.15%
002887.SZ	Tianjin LVYIN Landscape and Ecology Construction Co., Ltd	3.50%	$0.33	84.50%
603062.SS	MEGA P&C Advanced Materials (Shanghai) Company Limited	3.50%	$1.66	74.27%
CMCL	Caledonia Mining Corporation Plc	3.50%	$0.92	35.87%
DLO	DLocal Limited	3.50%	$0.49	87.74%
LAZ	Lazard Ltd	3.50%	$1.74	67.48%
TWL.MI	TraWell Co S.p.A.	3.50%	$0.21	28.69%
WJP.SI	VICOM Ltd	3.50%	$0.06	66.95%
005610.KS	SPC Samlip Co., Ltd.	3.49%	$1,803.39	45.19%
0RFL.L	VAT Group AG	3.49%	$12.50	88.50%
2030.HK	Cabbeen Fashion Limited	3.49%	$0.05	63.92%
5206.TWO	Kunyue Development Co., Ltd.	3.49%	$1.18	21.91%
5246.KL	Westports Holdings Berhad	3.49%	$0.20	71.36%
5989.T	H-One Co.,Ltd.	3.49%	$49.44	14.49%
ACO-X.TO	ATCO Ltd.	3.49%	$1.98	50.80%
CNI	Canadian National Railway Company	3.49%	$3.50	50.64%
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6722.TWO	Whetron Electronics Co.,Ltd.	3.48%	$1.99	24.71%
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3004.SR	Northern Region Cement Company	3.47%	$0.25	79.89%
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Financial Statements

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KNOT Offshore Partners LP (KNOP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener