DDM Analysis: KER.PA

Valuation Snapshot

Stable Growth	$606.02 - $1,986.80	$984.54
Multi-Stage	$628.57 - $687.86	$657.67
Blended Fair Value	$821.10
Current Price	$184.56
Upside	344.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.39%	13.75%	14.00	13.96	12.10	8.14	8.16	10.77	6.18	4.74	4.12	4.12
YoY Growth	-	-	0.23%	15.44%	48.55%	-0.18%	-24.24%	74.25%	30.42%	15.05%	0.00%	6.70%
Dividend Yield	-	-	5.87%	3.50%	2.54%	1.15%	1.37%	1.84%	1.50%	1.23%	1.93%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,805.00
(-) Cash Dividends Paid (M)	2,452.00
(=) Cash Retained (M)	353.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	561.00	350.63	210.38
Cash Retained (M)	353.00	353.00	353.00
(-) Cash Required (M)	-561.00	-350.63	-210.38
(=) Excess Retained (M)	-208.00	2.38	142.63
(/) Shares Outstanding (M)	122.60	122.60	122.60
(=) Excess Retained per Share	-1.70	0.02	1.16
LTM Dividend per Share	20.00	20.00	20.00
(+) Excess Retained per Share	-1.70	0.02	1.16
(=) Adjusted Dividend	18.30	20.02	21.16
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	3.39%	4.39%	5.39%
Fair Value	$606.02	$984.54	$1,986.80
Upside / Downside	228.36%	433.45%	976.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,805.00	2,928.02	3,056.44	3,190.49	3,330.42	3,476.48	3,580.78
Payout Ratio	87.42%	87.93%	88.45%	88.97%	89.48%	90.00%	92.50%
Projected Dividends (M)	2,452.00	2,574.68	2,703.40	2,838.45	2,980.16	3,128.83	3,312.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	3.39%	4.39%	5.39%
Year 1 PV (M)	2,394.19	2,417.35	2,440.50
Year 2 PV (M)	2,337.66	2,383.10	2,428.98
Year 3 PV (M)	2,282.38	2,349.26	2,417.42
Year 4 PV (M)	2,228.34	2,315.82	2,405.84
Year 5 PV (M)	2,175.51	2,282.78	2,394.24
PV of Terminal Value (M)	65,643.22	68,879.90	72,243.02
Equity Value (M)	77,061.30	80,628.20	84,330.00
Shares Outstanding (M)	122.60	122.60	122.60
Fair Value	$628.57	$657.67	$687.86
Upside / Downside	240.58%	256.34%	272.70%

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Financial Statements

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Kering S.A. (KER.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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