DDM Analysis: K

Valuation Snapshot

Stable Growth	$36.33 - $57.40	$45.96
Multi-Stage	$88.18 - $97.04	$92.52
Blended Fair Value	$69.24
Current Price	$77.94
Upside	-11.16%
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	0.18%	1.33%	2.22	2.29	2.28	2.25	2.24	2.20	2.18	2.10	2.05	2.00
YoY Growth	-	-	-3.00%	0.38%	1.14%	0.77%	1.69%	0.92%	3.53%	2.79%	2.29%	2.94%
Dividend Yield	-	-	2.69%	3.99%	3.63%	3.66%	3.76%	3.94%	4.05%	3.45%	3.00%	2.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,277.00
(-) Cash Dividends Paid (M)	794.00
(=) Cash Retained (M)	483.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	255.40	159.63	95.78
Cash Retained (M)	483.00	483.00	483.00
(-) Cash Required (M)	-255.40	-159.63	-95.78
(=) Excess Retained (M)	227.60	323.38	387.23
(/) Shares Outstanding (M)	349.75	349.75	349.75
(=) Excess Retained per Share	0.65	0.92	1.11
LTM Dividend per Share	2.27	2.27	2.27
(+) Excess Retained per Share	0.65	0.92	1.11
(=) Adjusted Dividend	2.92	3.19	3.38
WACC / Discount Rate	6.08%	6.08%	6.08%
Growth Rate	-1.82%	-0.82%	0.18%
Fair Value	$36.33	$45.96	$57.40
Upside / Downside	-53.39%	-41.03%	-26.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,277.00	1,266.55	1,256.18	1,245.90	1,235.70	1,225.58	1,262.35
Payout Ratio	62.18%	67.74%	73.31%	78.87%	84.44%	90.00%	92.50%
Projected Dividends (M)	794.00	857.98	920.86	982.65	1,043.37	1,103.02	1,167.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.08%	6.08%	6.08%
Growth Rate	-1.82%	-0.82%	0.18%
Year 1 PV (M)	800.68	808.83	816.99
Year 2 PV (M)	801.96	818.38	834.97
Year 3 PV (M)	798.62	823.28	848.43
Year 4 PV (M)	791.34	824.07	857.82
Year 5 PV (M)	780.71	821.29	863.54
PV of Terminal Value (M)	26,867.78	28,264.21	29,718.11
Equity Value (M)	30,841.10	32,360.07	33,939.85
Shares Outstanding (M)	349.75	349.75	349.75
Fair Value	$88.18	$92.52	$97.04
Upside / Downside	13.14%	18.71%	24.51%

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OEM-B.ST	OEM International AB (publ)	1.26%	$1.74	40.26%
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145720.KS	Dentium Co. Ltd.	1.25%	$599.51	9.81%
204320.KS	Mando Corporation	1.25%	$820.37	29.46%
3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
600633.SS	Zhejiang Daily Digital Culture Group Co.,Ltd.	1.25%	$0.16	35.54%
600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
9719.T	SCSK Corporation	1.25%	$70.95	36.13%
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IRFC.BO	Indian Railway Finance Corporation Limited	1.25%	$1.60	30.59%
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Kellanova (K)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener