DDM Analysis: KER.PA

Valuation Snapshot

Stable Growth	$3,784.70 - $4,460.72	$4,179.56
Multi-Stage	$2,378.20 - $2,613.09	$2,493.41
Blended Fair Value	$3,336.49
Current Price	$184.56
Upside	1,707.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.39%	13.75%	14.00	13.96	12.10	8.14	8.16	10.77	6.18	4.74	4.12	4.12
YoY Growth	-	-	0.23%	15.44%	48.55%	-0.18%	-24.24%	74.25%	30.42%	15.05%	0.00%	6.70%
Dividend Yield	-	-	5.87%	3.50%	2.54%	1.15%	1.37%	1.84%	1.50%	1.23%	1.93%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,805.00
(-) Cash Dividends Paid (M)	2,452.00
(=) Cash Retained (M)	353.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	561.00	350.63	210.38
Cash Retained (M)	353.00	353.00	353.00
(-) Cash Required (M)	-561.00	-350.63	-210.38
(=) Excess Retained (M)	-208.00	2.38	142.63
(/) Shares Outstanding (M)	122.60	122.60	122.60
(=) Excess Retained per Share	-1.70	0.02	1.16
LTM Dividend per Share	20.00	20.00	20.00
(+) Excess Retained per Share	-1.70	0.02	1.16
(=) Adjusted Dividend	18.30	20.02	21.16
WACC / Discount Rate	2.52%	2.52%	2.52%
Growth Rate	3.39%	4.39%	5.39%
Fair Value	$3,784.70	$4,179.56	$4,460.72
Upside / Downside	1,950.66%	2,164.61%	2,316.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,805.00	2,928.02	3,056.44	3,190.49	3,330.42	3,476.48	3,580.78
Payout Ratio	87.42%	87.93%	88.45%	88.97%	89.48%	90.00%	92.50%
Projected Dividends (M)	2,452.00	2,574.68	2,703.40	2,838.45	2,980.16	3,128.83	3,312.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.52%	2.52%	2.52%
Growth Rate	3.39%	4.39%	5.39%
Year 1 PV (M)	2,487.40	2,511.46	2,535.52
Year 2 PV (M)	2,523.22	2,572.27	2,621.79
Year 3 PV (M)	2,559.47	2,634.46	2,710.90
Year 4 PV (M)	2,596.16	2,698.07	2,802.95
Year 5 PV (M)	2,633.28	2,763.12	2,898.03
PV of Terminal Value (M)	278,761.86	292,506.83	306,788.71
Equity Value (M)	291,561.39	305,686.21	320,357.91
Shares Outstanding (M)	122.60	122.60	122.60
Fair Value	$2,378.20	$2,493.41	$2,613.09
Upside / Downside	1,188.58%	1,251.00%	1,315.85%

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Financial Statements

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Kering S.A. (KER.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener