DDM Analysis: 600422.SS

Valuation Snapshot

Stable Growth	$24.26 - $138.89	$45.53
Multi-Stage	$15.63 - $17.13	$16.37
Blended Fair Value	$30.95
Current Price	$13.96
Upside	121.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.16%	1.97%	0.23	0.19	0.31	0.27	0.24	0.15	0.06	0.22	0.24	0.09
YoY Growth	-	-	17.70%	-36.63%	13.64%	12.62%	62.36%	130.72%	-70.52%	-9.95%	161.71%	-51.08%
Dividend Yield	-	-	1.33%	0.93%	1.48%	2.22%	2.88%	1.49%	0.60%	2.17%	1.94%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	530.05
(-) Cash Dividends Paid (M)	26.16
(=) Cash Retained (M)	503.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.01	66.26	39.75
Cash Retained (M)	503.90	503.90	503.90
(-) Cash Required (M)	-106.01	-66.26	-39.75
(=) Excess Retained (M)	397.89	437.64	464.14
(/) Shares Outstanding (M)	754.65	754.65	754.65
(=) Excess Retained per Share	0.53	0.58	0.62
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.53	0.58	0.62
(=) Adjusted Dividend	0.56	0.61	0.65
WACC / Discount Rate	7.32%	7.32%	7.32%
Growth Rate	4.89%	5.89%	6.89%
Fair Value	$24.26	$45.53	$138.89
Upside / Downside	73.78%	226.14%	894.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	530.05	561.26	594.31	629.31	666.36	705.60	726.76
Payout Ratio	4.93%	21.95%	38.96%	55.97%	72.99%	90.00%	92.50%
Projected Dividends (M)	26.16	123.19	231.55	352.25	486.36	635.04	672.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.32%	7.32%	7.32%
Growth Rate	4.89%	5.89%	6.89%
Year 1 PV (M)	113.70	114.79	115.87
Year 2 PV (M)	197.27	201.05	204.86
Year 3 PV (M)	277.00	284.99	293.14
Year 4 PV (M)	353.01	366.67	380.72
Year 5 PV (M)	425.44	446.11	467.58
PV of Terminal Value (M)	10,431.38	10,938.21	11,464.56
Equity Value (M)	11,797.80	12,351.82	12,926.73
Shares Outstanding (M)	754.65	754.65	754.65
Fair Value	$15.63	$16.37	$17.13
Upside / Downside	11.99%	17.25%	22.70%

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KPC Pharmaceuticals, Inc. (600422.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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