DDM Analysis: VKI

Valuation Snapshot

Stable Growth	$3.41 - $4.62	$4.02
Multi-Stage	$10.87 - $12.01	$11.43
Blended Fair Value	$7.73
Current Price	$8.31
Upside	-7.03%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-6.35%	-7.01%	0.37	0.38	0.46	0.58	0.55	0.52	0.59	0.66	0.72	0.78
YoY Growth	-	-	-1.03%	-18.18%	-19.62%	5.41%	4.98%	-11.58%	-10.70%	-8.21%	-8.32%	0.97%
Dividend Yield	-	-	4.16%	4.46%	5.42%	5.22%	4.72%	4.64%	5.53%	6.07%	6.35%	6.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.16
(-) Cash Dividends Paid (M)	24.66
(=) Cash Retained (M)	7.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.43	4.02	2.41
Cash Retained (M)	7.50	7.50	7.50
(-) Cash Required (M)	-6.43	-4.02	-2.41
(=) Excess Retained (M)	1.07	3.48	5.09
(/) Shares Outstanding (M)	44.22	44.22	44.22
(=) Excess Retained per Share	0.02	0.08	0.12
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.02	0.08	0.12
(=) Adjusted Dividend	0.58	0.64	0.67
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-9.01%	-8.01%	-7.01%
Fair Value	$3.41	$4.02	$4.62
Upside / Downside	-59.02%	-51.57%	-44.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.16	29.58	27.21	25.03	23.02	21.18	21.82
Payout Ratio	76.68%	79.34%	82.01%	84.67%	87.34%	90.00%	92.50%
Projected Dividends (M)	24.66	23.47	22.31	21.19	20.11	19.06	20.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-9.01%	-8.01%	-7.01%
Year 1 PV (M)	21.79	22.03	22.27
Year 2 PV (M)	19.24	19.66	20.09
Year 3 PV (M)	16.96	17.53	18.11
Year 4 PV (M)	14.95	15.61	16.30
Year 5 PV (M)	13.15	13.89	14.66
PV of Terminal Value (M)	394.39	416.54	439.68
Equity Value (M)	480.48	505.27	531.12
Shares Outstanding (M)	44.22	44.22	44.22
Fair Value	$10.87	$11.43	$12.01
Upside / Downside	30.76%	37.51%	44.54%

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300154.SZ	Shenzhen Riland Industry Group Co., Ltd	2.13%	$0.21	90.73%
600848.SS	Shanghai Lingang Holdings Co.,Ltd.	2.13%	$0.25	39.80%
7259.T	Aisin Corporation	2.13%	$62.39	27.27%
ALBRK.IS	Albaraka Türk Katilim Bankasi A.S.	2.13%	$0.17	3.51%
BUR	Burford Capital Limited	2.13%	$0.19	47.60%
ECSC.L	ECSC Group plc	2.13%	$1.12	22.10%
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000630.SZ	Tongling Nonferrous Metals Group Co.,Ltd.	2.12%	$0.13	92.15%
000878.SZ	Yunnan Copper Co., Ltd.	2.12%	$0.44	67.43%
002223.SZ	Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.	2.12%	$0.81	46.42%
002731.SZ	Shenyang Cuihua Gold and Silver Jewelry Co., Ltd.	2.12%	$0.27	24.86%
0RKK.L	Volati AB	2.12%	$2.20	57.57%
0RVK.L	Befesa S.A.	2.12%	$0.74	64.88%
163560.KS	DRB Industrial Co., Ltd.	2.12%	$146.78	36.08%
2641.TWO	Franbo Lines Corp.	2.12%	$0.43	25.10%
443060.KS	Hdhms	2.12%	$4,099.93	69.50%
605500.SS	Forest Packaging Group Co.,Ltd.	2.12%	$0.19	89.23%
6455.T	Morita Holdings Corporation	2.12%	$58.45	24.57%
CCOLA.IS	Coca-Cola Içecek Anonim Sirketi	2.12%	$1.26	25.02%
MTWI.JK	PT Malacca Trust Wuwungan Insurance Tbk	2.12%	$7.84	25.68%
PNDX-B.ST	Pandox AB (publ)	2.12%	$4.25	40.78%
000860.KS	Kangnam Jevisco Co., Ltd	2.11%	$292.39	59.03%
002440.SZ	Zhejiang Runtu Co., Ltd.	2.11%	$0.16	60.72%
002973.SZ	Qiaoyin City Management Co.,Ltd.	2.11%	$0.29	59.79%
0400.HK	Ingdan, Inc.	2.11%	$0.06	22.33%
0Z4I.L	Sunny Optical Technology (Group) Company Limited	2.11%	$0.71	15.45%
200771.SZ	Hangzhou Steam Turbine Co., Ltd.	2.11%	$0.28	59.18%
285130.KS	SK Chemicals Co.,Ltd	2.11%	$1,396.25	31.71%
688558.SS	Nantong Guosheng Intelligence Technology Group Co., Ltd.	2.11%	$0.61	53.65%
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002967.SZ	GRG Metrology & Test Group Co. Ltd. Class A	2.10%	$0.46	62.67%
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1423.TW	Reward Wool Industry Corporation	2.10%	$0.79	18.73%
2811.T	Kagome Co., Ltd.	2.10%	$56.56	39.32%
601456.SS	Guolian Minsheng Securities Co., Ltd.	2.10%	$0.21	68.71%
U10.SI	UOB-Kay Hian Holdings Limited	2.10%	$0.05	24.07%
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600309.SS	Wanhua Chemical Group Co., Ltd.	2.09%	$1.60	45.09%
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002763.SZ	Shenzhen Huijie Group Co., Ltd.	2.08%	$0.15	78.60%
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Invesco Advantage Municipal Income Trust II (VKI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener