DDM Analysis: KNFM.TA

Valuation Snapshot

Stable Growth	$10.80 - $14.95	$12.88
Multi-Stage	$18.38 - $20.25	$19.30
Blended Fair Value	$16.09
Current Price	$5.11
Upside	214.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.21	0.18	0.00	0.15	0.00	0.00	0.00	0.61	0.35	0.18
YoY Growth	-	-	15.59%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	74.89%	87.69%	0.00%
Dividend Yield	-	-	4.72%	6.36%	0.00%	6.06%	0.00%	0.00%	0.00%	13.12%	4.23%	2.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.65
(-) Cash Dividends Paid (M)	4.05
(=) Cash Retained (M)	27.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.33	3.96	2.37
Cash Retained (M)	27.60	27.60	27.60
(-) Cash Required (M)	-6.33	-3.96	-2.37
(=) Excess Retained (M)	21.27	23.65	25.23
(/) Shares Outstanding (M)	16.55	16.55	16.55
(=) Excess Retained per Share	1.29	1.43	1.52
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	1.29	1.43	1.52
(=) Adjusted Dividend	1.53	1.67	1.77
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	-4.22%	-3.22%	-2.22%
Fair Value	$10.80	$12.88	$14.95
Upside / Downside	111.29%	152.08%	192.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.65	30.63	29.65	28.69	27.77	26.87	27.68
Payout Ratio	12.79%	28.23%	43.67%	59.11%	74.56%	90.00%	92.50%
Projected Dividends (M)	4.05	8.65	12.95	16.96	20.70	24.19	25.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	-4.22%	-3.22%	-2.22%
Year 1 PV (M)	7.83	7.91	7.99
Year 2 PV (M)	10.60	10.83	11.05
Year 3 PV (M)	12.57	12.97	13.38
Year 4 PV (M)	13.89	14.48	15.09
Year 5 PV (M)	14.68	15.47	16.28
PV of Terminal Value (M)	244.63	257.67	271.25
Equity Value (M)	304.20	319.31	335.04
Shares Outstanding (M)	16.55	16.55	16.55
Fair Value	$18.38	$19.30	$20.25
Upside / Downside	259.72%	277.59%	296.19%

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Knafaim Holdings Ltd. (KNFM.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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