DDM Analysis: KBL.TO

Valuation Snapshot

Stable Growth	$153.27 - $342.43	$320.91
Multi-Stage	$52.34 - $57.23	$54.74
Blended Fair Value	$187.82
Current Price	$34.90
Upside	438.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.01%	4.24%	1.13	1.15	1.15	1.14	1.14	1.13	1.13	0.97	0.86	0.85
YoY Growth	-	-	-1.64%	0.06%	0.48%	0.52%	0.57%	0.45%	16.32%	13.13%	0.45%	14.14%
Dividend Yield	-	-	3.28%	3.24%	4.12%	3.38%	2.71%	4.03%	3.02%	2.69%	2.17%	1.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.34
(-) Cash Dividends Paid (M)	13.43
(=) Cash Retained (M)	5.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.87	2.42	1.45
Cash Retained (M)	5.91	5.91	5.91
(-) Cash Required (M)	-3.87	-2.42	-1.45
(=) Excess Retained (M)	2.04	3.49	4.46
(/) Shares Outstanding (M)	11.23	11.23	11.23
(=) Excess Retained per Share	0.18	0.31	0.40
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	0.18	0.31	0.40
(=) Adjusted Dividend	1.38	1.51	1.59
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$153.27	$320.91	$342.43
Upside / Downside	339.18%	819.50%	881.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.34	20.59	21.93	23.36	24.88	26.49	27.29
Payout Ratio	69.43%	73.54%	77.66%	81.77%	85.89%	90.00%	92.50%
Projected Dividends (M)	13.43	15.15	17.03	19.10	21.37	23.85	25.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14.09	14.23	14.36
Year 2 PV (M)	14.75	15.03	15.32
Year 3 PV (M)	15.39	15.84	16.29
Year 4 PV (M)	16.02	16.64	17.27
Year 5 PV (M)	16.64	17.45	18.28
PV of Terminal Value (M)	510.95	535.63	561.25
Equity Value (M)	587.86	614.81	642.77
Shares Outstanding (M)	11.23	11.23	11.23
Fair Value	$52.34	$54.74	$57.23
Upside / Downside	49.98%	56.85%	63.99%

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K-Bro Linen Inc. (KBL.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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