DDM Analysis: KARE.AT

Valuation Snapshot

Stable Growth	$373.84 - $597.06	$475.08
Multi-Stage	$378.53 - $412.96	$395.43
Blended Fair Value	$435.26
Current Price	$312.00
Upside	39.51%
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	5.48%	3.86%	12.40	11.80	11.00	9.40	9.40	9.49	9.19	9.20	8.51	9.29
YoY Growth	-	-	5.08%	7.29%	16.99%	-0.01%	-0.97%	3.31%	-0.06%	8.05%	-8.39%	9.41%
Dividend Yield	-	-	4.00%	3.47%	3.50%	3.33%	3.03%	3.89%	3.51%	3.22%	3.22%	3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.12
(-) Cash Dividends Paid (M)	36.70
(=) Cash Retained (M)	58.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.02	11.89	7.13
Cash Retained (M)	58.42	58.42	58.42
(-) Cash Required (M)	-19.02	-11.89	-7.13
(=) Excess Retained (M)	39.40	46.53	51.29
(/) Shares Outstanding (M)	2.76	2.76	2.76
(=) Excess Retained per Share	14.27	16.86	18.58
LTM Dividend per Share	13.30	13.30	13.30
(+) Excess Retained per Share	14.27	16.86	18.58
(=) Adjusted Dividend	27.57	30.16	31.88
WACC / Discount Rate	11.12%	11.12%	11.12%
Growth Rate	3.48%	4.48%	5.48%
Fair Value	$373.84	$475.08	$597.06
Upside / Downside	19.82%	52.27%	91.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.12	99.39	103.85	108.50	113.37	118.45	122.01
Payout Ratio	38.58%	48.87%	59.15%	69.43%	79.72%	90.00%	92.50%
Projected Dividends (M)	36.70	48.57	61.43	75.34	90.37	106.61	112.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.12%	11.12%	11.12%
Growth Rate	3.48%	4.48%	5.48%
Year 1 PV (M)	43.29	43.71	44.13
Year 2 PV (M)	48.80	49.75	50.71
Year 3 PV (M)	53.35	54.91	56.50
Year 4 PV (M)	57.05	59.28	61.58
Year 5 PV (M)	59.98	62.93	66.00
PV of Terminal Value (M)	782.27	820.80	860.84
Equity Value (M)	1,044.74	1,091.39	1,139.77
Shares Outstanding (M)	2.76	2.76	2.76
Fair Value	$378.53	$395.43	$412.96
Upside / Downside	21.32%	26.74%	32.36%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
112610.KS	CS Wind Corporation	2.43%	$982.89	21.73%
300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

Financial Statements

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Ticker

Industry

Sector

Karelia Tobacco Company Inc. (KARE.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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