DDM Analysis: KMP-UN.TO

Valuation Snapshot

Stable Growth	$178.45 - $879.18	$377.67
Multi-Stage	$95.01 - $104.02	$99.43
Blended Fair Value	$238.55
Current Price	$19.61
Upside	1,116.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.07%	7.05%	0.49	0.47	0.48	0.42	0.41	0.37	0.34	0.30	0.26	0.25
YoY Growth	-	-	5.75%	-3.21%	14.85%	3.67%	10.20%	8.22%	13.37%	16.49%	3.62%	-0.59%
Dividend Yield	-	-	2.83%	2.57%	2.82%	1.97%	2.19%	2.34%	1.74%	2.16%	2.03%	2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	540.33
(-) Cash Dividends Paid (M)	46.33
(=) Cash Retained (M)	494.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.07	67.54	40.52
Cash Retained (M)	494.00	494.00	494.00
(-) Cash Required (M)	-108.07	-67.54	-40.52
(=) Excess Retained (M)	385.93	426.46	453.47
(/) Shares Outstanding (M)	122.22	122.22	122.22
(=) Excess Retained per Share	3.16	3.49	3.71
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	3.16	3.49	3.71
(=) Adjusted Dividend	3.54	3.87	4.09
WACC / Discount Rate	7.59%	7.59%	7.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$178.45	$377.67	$879.18
Upside / Downside	810.02%	1,825.90%	4,383.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	540.33	575.45	612.85	652.69	695.11	740.29	762.50
Payout Ratio	8.57%	24.86%	41.14%	57.43%	73.71%	90.00%	92.50%
Projected Dividends (M)	46.33	143.05	252.15	374.83	512.40	666.26	705.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.59%	7.59%	7.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	131.71	132.96	134.21
Year 2 PV (M)	213.76	217.83	221.94
Year 3 PV (M)	292.57	300.96	309.52
Year 4 PV (M)	368.23	382.39	396.96
Year 5 PV (M)	440.84	462.14	484.24
PV of Terminal Value (M)	10,165.58	10,656.58	11,166.37
Equity Value (M)	11,612.68	12,152.86	12,713.24
Shares Outstanding (M)	122.22	122.22	122.22
Fair Value	$95.01	$99.43	$104.02
Upside / Downside	384.51%	407.04%	430.42%

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Killam Apartment REIT (KMP-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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