DDM Analysis: BN4.SI

Valuation Snapshot

Stable Growth	$2.27 - $3.18	$2.73
Multi-Stage	$4.61 - $5.05	$4.82
Blended Fair Value	$3.78
Current Price	$7.42
Upside	-49.12%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.79%	-2.24%	0.33	0.32	0.35	0.19	0.15	0.23	0.29	0.20	0.30	0.48
YoY Growth	-	-	4.57%	-9.59%	86.04%	26.61%	-34.66%	-20.57%	44.73%	-33.25%	-37.57%	14.36%
Dividend Yield	-	-	4.85%	4.31%	6.23%	5.66%	4.26%	6.61%	6.98%	3.92%	6.57%	12.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	693.26
(-) Cash Dividends Paid (M)	522.06
(=) Cash Retained (M)	171.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	138.65	86.66	51.99
Cash Retained (M)	171.20	171.20	171.20
(-) Cash Required (M)	-138.65	-86.66	-51.99
(=) Excess Retained (M)	32.55	84.54	119.21
(/) Shares Outstanding (M)	1,833.51	1,833.51	1,833.51
(=) Excess Retained per Share	0.02	0.05	0.07
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.02	0.05	0.07
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	8.50%	8.50%	8.50%
Growth Rate	-4.24%	-3.24%	-2.24%
Fair Value	$2.27	$2.73	$3.18
Upside / Downside	-69.37%	-63.27%	-57.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	693.26	670.78	649.03	627.98	607.62	587.92	605.55
Payout Ratio	75.31%	78.24%	81.18%	84.12%	87.06%	90.00%	92.50%
Projected Dividends (M)	522.06	524.84	526.90	528.27	529.00	529.12	560.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.50%	8.50%	8.50%
Growth Rate	-4.24%	-3.24%	-2.24%
Year 1 PV (M)	478.71	483.71	488.71
Year 2 PV (M)	438.35	447.55	456.85
Year 3 PV (M)	400.86	413.55	426.51
Year 4 PV (M)	366.13	381.67	397.69
Year 5 PV (M)	334.03	351.84	370.40
PV of Terminal Value (M)	6,425.67	6,768.27	7,125.33
Equity Value (M)	8,443.76	8,846.60	9,265.50
Shares Outstanding (M)	1,833.51	1,833.51	1,833.51
Fair Value	$4.61	$4.82	$5.05
Upside / Downside	-37.93%	-34.97%	-31.89%

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Financial Statements

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Ticker

Industry

Sector

Keppel Corporation Limited (BN4.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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