DDM Analysis: TKNO3.SA

Valuation Snapshot

Stable Growth	$271.19 - $577.70	$385.59
Multi-Stage	$193.90 - $211.99	$202.78
Blended Fair Value	$294.18
Current Price	$99.98
Upside	194.24%
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%	5.24%	3.76	3.68	5.29	2.31	0.17	0.00	0.00	0.00	0.00	1.45
YoY Growth	-	-	2.20%	-30.37%	129.09%	1,288.16%	0.00%	0.00%	0.00%	0.00%	-100.00%	-35.91%
Dividend Yield	-	-	3.76%	4.42%	6.35%	2.77%	0.20%	0.00%	0.00%	0.00%	0.00%	1.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.39
(-) Cash Dividends Paid (M)	1.51
(=) Cash Retained (M)	40.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.48	5.30	3.18
Cash Retained (M)	40.88	40.88	40.88
(-) Cash Required (M)	-8.48	-5.30	-3.18
(=) Excess Retained (M)	32.40	35.58	37.70
(/) Shares Outstanding (M)	2.95	2.95	2.95
(=) Excess Retained per Share	10.99	12.07	12.79
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	10.99	12.07	12.79
(=) Adjusted Dividend	11.50	12.58	13.30
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$271.19	$385.59	$577.70
Upside / Downside	171.24%	285.67%	477.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.39	45.14	48.08	51.20	54.53	58.08	59.82
Payout Ratio	3.56%	20.85%	38.13%	55.42%	72.71%	90.00%	92.50%
Projected Dividends (M)	1.51	9.41	18.33	28.38	39.65	52.27	55.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8.48	8.56	8.64
Year 2 PV (M)	14.88	15.16	15.45
Year 3 PV (M)	20.74	21.34	21.94
Year 4 PV (M)	26.10	27.11	28.14
Year 5 PV (M)	30.99	32.49	34.05
PV of Terminal Value (M)	470.41	493.13	516.73
Equity Value (M)	571.60	597.79	624.94
Shares Outstanding (M)	2.95	2.95	2.95
Fair Value	$193.90	$202.78	$211.99
Upside / Downside	93.93%	102.82%	112.03%

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Tekno S.A. Industria e Comercio (TKNO3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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