DDM Analysis: 0KBI.L

Valuation Snapshot

Stable Growth	$23.73 - $36.38	$29.64
Multi-Stage	$48.94 - $53.76	$51.30
Blended Fair Value	$40.47
Current Price	$82.05
Upside	-50.68%
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	-1.32%	0.33%	1.64	1.45	1.85	1.52	1.80	1.75	5.41	2.39	2.39	2.07
YoY Growth	-	-	12.95%	-21.62%	21.71%	-15.56%	2.86%	-67.62%	126.27%	0.05%	15.60%	30.34%
Dividend Yield	-	-	1.96%	2.07%	3.02%	2.18%	1.69%	2.17%	5.97%	2.93%	2.93%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	421.93
(-) Cash Dividends Paid (M)	282.37
(=) Cash Retained (M)	139.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.39	52.74	31.65
Cash Retained (M)	139.57	139.57	139.57
(-) Cash Required (M)	-84.39	-52.74	-31.65
(=) Excess Retained (M)	55.18	86.82	107.92
(/) Shares Outstanding (M)	161.08	161.08	161.08
(=) Excess Retained per Share	0.34	0.54	0.67
LTM Dividend per Share	1.75	1.75	1.75
(+) Excess Retained per Share	0.34	0.54	0.67
(=) Adjusted Dividend	2.10	2.29	2.42
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-1.67%	-0.67%	0.33%
Fair Value	$23.73	$29.64	$36.38
Upside / Downside	-71.07%	-63.88%	-55.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	421.93	419.11	416.30	413.50	410.73	407.98	420.22
Payout Ratio	66.92%	71.54%	76.15%	80.77%	85.38%	90.00%	92.50%
Projected Dividends (M)	282.37	299.82	317.02	333.98	350.70	367.18	388.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-1.67%	-0.67%	0.33%
Year 1 PV (M)	277.35	280.17	282.99
Year 2 PV (M)	271.29	276.84	282.44
Year 3 PV (M)	264.39	272.54	280.86
Year 4 PV (M)	256.82	267.43	278.36
Year 5 PV (M)	248.74	261.65	275.09
PV of Terminal Value (M)	6,563.99	6,904.62	7,259.25
Equity Value (M)	7,882.59	8,263.26	8,659.00
Shares Outstanding (M)	161.08	161.08	161.08
Fair Value	$48.94	$51.30	$53.76
Upside / Downside	-40.36%	-37.48%	-34.48%

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Knorr-Bremse AG (0KBI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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