DDM Analysis: KAZT.ME

Valuation Snapshot

Stable Growth	$7,431.43 - $14,962.51	$14,022.07
Multi-Stage	$2,263.81 - $2,480.48	$2,370.14
Blended Fair Value	$8,196.10
Current Price	$458.20
Upside	1,688.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.59%	24.59%	22.04	48.98	43.97	7.81	1.35	6.27	5.39	2.20	5.65	4.15
YoY Growth	-	-	-55.00%	11.39%	462.91%	479.13%	-78.48%	16.20%	145.33%	-61.10%	36.35%	69.54%
Dividend Yield	-	-	4.30%	7.36%	7.34%	1.63%	0.71%	4.24%	4.56%	2.52%	6.30%	5.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,830.30
(-) Cash Dividends Paid (M)	1,228.09
(=) Cash Retained (M)	11,602.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,566.06	1,603.79	962.27
Cash Retained (M)	11,602.21	11,602.21	11,602.21
(-) Cash Required (M)	-2,566.06	-1,603.79	-962.27
(=) Excess Retained (M)	9,036.15	9,998.42	10,639.94
(/) Shares Outstanding (M)	170.53	170.53	170.53
(=) Excess Retained per Share	52.99	58.63	62.39
LTM Dividend per Share	7.20	7.20	7.20
(+) Excess Retained per Share	52.99	58.63	62.39
(=) Adjusted Dividend	60.19	65.83	69.59
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,431.43	$14,022.07	$14,962.51
Upside / Downside	1,521.87%	2,960.25%	3,165.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,830.30	13,664.26	14,552.44	15,498.35	16,505.74	17,578.62	18,105.97
Payout Ratio	9.57%	25.66%	41.74%	57.83%	73.91%	90.00%	92.50%
Projected Dividends (M)	1,228.09	3,505.90	6,074.63	8,962.50	12,200.11	15,820.75	16,748.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,265.47	3,296.43	3,327.38
Year 2 PV (M)	5,270.05	5,370.43	5,471.75
Year 3 PV (M)	7,242.20	7,450.09	7,661.93
Year 4 PV (M)	9,182.32	9,535.44	9,898.66
Year 5 PV (M)	11,090.80	11,626.49	12,182.68
PV of Terminal Value (M)	350,006.38	366,911.82	384,464.27
Equity Value (M)	386,057.22	404,190.70	423,006.67
Shares Outstanding (M)	170.53	170.53	170.53
Fair Value	$2,263.81	$2,370.14	$2,480.48
Upside / Downside	394.07%	417.27%	441.35%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
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LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

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PJSC KuibyshevAzot (KAZT.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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