DDM Analysis: KSB.BO

Valuation Snapshot

Stable Growth	$403.39 - $897.05	$582.28
Multi-Stage	$285.08 - $311.68	$298.14
Blended Fair Value	$440.21
Current Price	$818.05
Upside	-46.19%
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	52.33%	7.99%	1.02	0.77	0.47	0.16	0.34	0.12	0.30	0.22	0.22	0.34
YoY Growth	-	-	33.23%	61.84%	193.79%	-52.15%	170.66%	-58.21%	35.54%	0.00%	-34.77%	-28.86%
Dividend Yield	-	-	11.77%	10.17%	10.86%	5.59%	23.38%	7.41%	15.35%	9.68%	12.48%	19.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	912.35
(-) Cash Dividends Paid (M)	52.70
(=) Cash Retained (M)	859.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	182.47	114.04	68.43
Cash Retained (M)	859.65	859.65	859.65
(-) Cash Required (M)	-182.47	-114.04	-68.43
(=) Excess Retained (M)	677.18	745.61	791.23
(/) Shares Outstanding (M)	44.88	44.88	44.88
(=) Excess Retained per Share	15.09	16.61	17.63
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	15.09	16.61	17.63
(=) Adjusted Dividend	16.26	17.79	18.81
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$403.39	$582.28	$897.05
Upside / Downside	-50.69%	-28.82%	9.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	912.35	971.65	1,034.81	1,102.07	1,173.71	1,250.00	1,287.50
Payout Ratio	5.78%	22.62%	39.47%	56.31%	73.16%	90.00%	92.50%
Projected Dividends (M)	52.70	219.79	408.39	620.58	858.63	1,125.00	1,190.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	198.38	200.26	202.14
Year 2 PV (M)	332.70	339.03	345.43
Year 3 PV (M)	456.30	469.40	482.75
Year 4 PV (M)	569.83	591.74	614.28
Year 5 PV (M)	673.87	706.41	740.21
PV of Terminal Value (M)	10,562.79	11,072.98	11,602.69
Equity Value (M)	12,793.86	13,379.83	13,987.50
Shares Outstanding (M)	44.88	44.88	44.88
Fair Value	$285.08	$298.14	$311.68
Upside / Downside	-65.15%	-63.55%	-61.90%

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KSB Limited (KSB.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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