DDM Analysis: KGX.DE

Valuation Snapshot

Stable Growth	$50.55 - $145.01	$79.14
Multi-Stage	$49.80 - $54.56	$52.14
Blended Fair Value	$65.64
Current Price	$57.45
Upside	14.25%
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	-8.29%	10.28%	0.70	0.19	1.50	0.41	0.04	1.08	0.89	0.66	0.58	0.41
YoY Growth	-	-	268.67%	-87.34%	266.29%	1,042.55%	-96.68%	21.15%	34.41%	14.34%	39.96%	57.39%
Dividend Yield	-	-	1.83%	0.39%	4.21%	0.68%	0.04%	2.76%	1.82%	0.88%	0.95%	0.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	271.80
(-) Cash Dividends Paid (M)	107.50
(=) Cash Retained (M)	164.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.36	33.98	20.39
Cash Retained (M)	164.30	164.30	164.30
(-) Cash Required (M)	-54.36	-33.98	-20.39
(=) Excess Retained (M)	109.94	130.33	143.92
(/) Shares Outstanding (M)	131.11	131.11	131.11
(=) Excess Retained per Share	0.84	0.99	1.10
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	0.84	0.99	1.10
(=) Adjusted Dividend	1.66	1.81	1.92
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	3.49%	4.49%	5.49%
Fair Value	$50.55	$79.14	$145.01
Upside / Downside	-12.00%	37.75%	152.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	271.80	284.00	296.74	310.06	323.98	338.52	348.67
Payout Ratio	39.55%	49.64%	59.73%	69.82%	79.91%	90.00%	92.50%
Projected Dividends (M)	107.50	140.98	177.25	216.49	258.89	304.67	322.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	3.49%	4.49%	5.49%
Year 1 PV (M)	130.64	131.90	133.16
Year 2 PV (M)	152.20	155.15	158.14
Year 3 PV (M)	172.26	177.30	182.44
Year 4 PV (M)	190.89	198.37	206.08
Year 5 PV (M)	208.16	218.41	229.07
PV of Terminal Value (M)	5,675.11	5,954.65	6,245.10
Equity Value (M)	6,529.25	6,835.79	7,153.99
Shares Outstanding (M)	131.11	131.11	131.11
Fair Value	$49.80	$52.14	$54.56
Upside / Downside	-13.32%	-9.25%	-5.02%

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Kion Group AG (KGX.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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