DDM Analysis: KRZ.IR

Valuation Snapshot

Stable Growth	$126.73 - $265.87	$179.22
Multi-Stage	$184.27 - $202.40	$193.16
Blended Fair Value	$186.19
Current Price	$93.75
Upside	98.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.85%	10.89%	1.19	1.11	1.00	0.91	0.83	0.74	0.66	0.59	0.53	0.47
YoY Growth	-	-	7.27%	10.20%	10.22%	10.06%	11.54%	12.15%	11.94%	12.06%	11.49%	12.05%
Dividend Yield	-	-	1.27%	1.41%	1.19%	0.80%	0.70%	0.67%	0.77%	0.63%	0.78%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,228.25
(-) Cash Dividends Paid (M)	340.00
(=) Cash Retained (M)	888.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	245.65	153.53	92.12
Cash Retained (M)	888.25	888.25	888.25
(-) Cash Required (M)	-245.65	-153.53	-92.12
(=) Excess Retained (M)	642.60	734.72	796.13
(/) Shares Outstanding (M)	172.79	172.79	172.79
(=) Excess Retained per Share	3.72	4.25	4.61
LTM Dividend per Share	1.97	1.97	1.97
(+) Excess Retained per Share	3.72	4.25	4.61
(=) Adjusted Dividend	5.69	6.22	6.58
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	1.74%	2.74%	3.74%
Fair Value	$126.73	$179.22	$265.87
Upside / Downside	35.17%	91.17%	183.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,228.25	1,261.95	1,296.58	1,332.16	1,368.72	1,406.28	1,448.46
Payout Ratio	27.68%	40.15%	52.61%	65.07%	77.54%	90.00%	92.50%
Projected Dividends (M)	340.00	506.62	682.12	866.87	1,061.25	1,265.65	1,339.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	1.74%	2.74%	3.74%
Year 1 PV (M)	471.91	476.55	481.19
Year 2 PV (M)	591.86	603.55	615.36
Year 3 PV (M)	700.64	721.50	742.77
Year 4 PV (M)	798.98	830.86	863.68
Year 5 PV (M)	887.59	932.07	978.32
PV of Terminal Value (M)	28,389.38	29,812.22	31,291.53
Equity Value (M)	31,840.36	33,376.74	34,972.85
Shares Outstanding (M)	172.79	172.79	172.79
Fair Value	$184.27	$193.16	$202.40
Upside / Downside	96.56%	106.04%	115.89%

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Kerry Group plc (KRZ.IR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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