DDM Analysis: K

Valuation Snapshot

Stable Growth	$36.33 - $57.40	$45.96
Multi-Stage	$88.20 - $97.06	$92.54
Blended Fair Value	$69.25
Current Price	$77.94
Upside	-11.15%
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	0.18%	1.33%	2.22	2.29	2.28	2.25	2.24	2.20	2.18	2.10	2.05	2.00
YoY Growth	-	-	-3.00%	0.38%	1.14%	0.77%	1.69%	0.92%	3.53%	2.79%	2.29%	2.94%
Dividend Yield	-	-	2.69%	3.99%	3.63%	3.66%	3.76%	3.94%	4.05%	3.45%	3.00%	2.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,277.00
(-) Cash Dividends Paid (M)	794.00
(=) Cash Retained (M)	483.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	255.40	159.63	95.78
Cash Retained (M)	483.00	483.00	483.00
(-) Cash Required (M)	-255.40	-159.63	-95.78
(=) Excess Retained (M)	227.60	323.38	387.23
(/) Shares Outstanding (M)	349.75	349.75	349.75
(=) Excess Retained per Share	0.65	0.92	1.11
LTM Dividend per Share	2.27	2.27	2.27
(+) Excess Retained per Share	0.65	0.92	1.11
(=) Adjusted Dividend	2.92	3.19	3.38
WACC / Discount Rate	6.08%	6.08%	6.08%
Growth Rate	-1.82%	-0.82%	0.18%
Fair Value	$36.33	$45.96	$57.40
Upside / Downside	-53.39%	-41.03%	-26.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,277.00	1,266.55	1,256.18	1,245.90	1,235.70	1,225.58	1,262.35
Payout Ratio	62.18%	67.74%	73.31%	78.87%	84.44%	90.00%	92.50%
Projected Dividends (M)	794.00	857.98	920.86	982.65	1,043.37	1,103.02	1,167.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.08%	6.08%	6.08%
Growth Rate	-1.82%	-0.82%	0.18%
Year 1 PV (M)	800.68	808.84	816.99
Year 2 PV (M)	801.97	818.39	834.98
Year 3 PV (M)	798.64	823.29	848.44
Year 4 PV (M)	791.36	824.09	857.83
Year 5 PV (M)	780.74	821.31	863.56
PV of Terminal Value (M)	26,873.49	28,270.22	29,724.43
Equity Value (M)	30,846.88	32,366.15	33,946.24
Shares Outstanding (M)	349.75	349.75	349.75
Fair Value	$88.20	$92.54	$97.06
Upside / Downside	13.16%	18.73%	24.53%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
301151.SZ	Shanghai Karon Eco-Valve Manufacturing Co., Ltd.	1.64%	$0.31	64.22%
4912.T	Lion Corporation	1.64%	$27.13	35.97%
5328.TWO	Hua Jung Components Co.,Ltd.	1.64%	$0.35	73.35%
600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
MEVA.AT	Mevaco S.A.	1.64%	$0.15	13.50%
MOVI3.SA	Movida Participações S.A.	1.64%	$0.16	19.79%
SRSOLTD.BO	Silicon Rental Solutions Ltd.	1.64%	$1.90	9.23%
002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
051900.KS	LG H&H Co., Ltd.	1.62%	$4,377.83	70.74%
0F4O.L	Lotus Bakeries N.V.	1.62%	$133.75	36.00%
300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
603385.SS	Huida Sanitary Ware Co., Ltd.	1.62%	$0.11	69.37%
605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
BPAC11.SA	Banco BTG Pactual S.A.	1.62%	$0.84	27.38%
GRMN	Garmin Ltd.	1.62%	$3.28	40.42%
RUBFILA.BO	Rubfila International Limited	1.62%	$1.20	22.45%
VALO.BA	Banco de Valores S.A.	1.62%	$8.91	22.52%
WAS.WA	Wasko S.A.	1.62%	$0.03	19.20%
002152.SZ	GRG Banking Equipment Co., Ltd.	1.61%	$0.22	65.18%
002457.SZ	Ningxia Qinglong Pipes Industry Group Co., Ltd.	1.61%	$0.18	28.21%
002913.SZ	Aoshikang Technology Co., Ltd.	1.61%	$0.69	60.58%
007570.KS	Ilyang Pharmaceutical Co.,Ltd	1.61%	$210.74	33.61%
066570.KS	LG Electronics Inc.	1.61%	$1,472.83	36.12%
603181.SS	Zhejiang Huangma Technology Co.,Ltd	1.61%	$0.23	29.53%
603416.SS	WuXi Xinje Electric Co.,Ltd.	1.61%	$0.89	59.24%
ABB.AX	Aussie Broadband Limited	1.61%	$0.08	39.83%
H22.SI	Hong Leong Asia Ltd.	1.61%	$0.04	31.75%
MATAS.CO	Matas A/S	1.61%	$2.00	26.57%
SRSN.JK	PT Indo Acidatama Tbk	1.61%	$1.00	12.49%
000050.KS	Kyungbangco.Ltd	1.60%	$149.61	11.55%

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Kellanova (K)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener