DDM Analysis: KFRC

Valuation Snapshot

Stable Growth	$19.33 - $29.23	$24.00
Multi-Stage	$31.43 - $34.41	$32.89
Blended Fair Value	$28.44
Current Price	$29.98
Upside	-5.12%
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	11.20%	8.25%	1.53	1.50	1.30	1.09	0.91	0.90	0.81	0.66	0.68	0.68
YoY Growth	-	-	2.45%	14.71%	19.42%	19.85%	1.08%	11.68%	22.46%	-2.43%	-0.78%	-1.81%
Dividend Yield	-	-	3.13%	2.14%	2.06%	1.48%	1.70%	3.52%	2.26%	2.44%	2.84%	3.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.72
(-) Cash Dividends Paid (M)	27.73
(=) Cash Retained (M)	12.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.14	5.09	3.05
Cash Retained (M)	12.99	12.99	12.99
(-) Cash Required (M)	-8.14	-5.09	-3.05
(=) Excess Retained (M)	4.85	7.90	9.94
(/) Shares Outstanding (M)	18.43	18.43	18.43
(=) Excess Retained per Share	0.26	0.43	0.54
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	0.26	0.43	0.54
(=) Adjusted Dividend	1.77	1.93	2.04
WACC / Discount Rate	8.54%	8.54%	8.54%
Growth Rate	-0.55%	0.45%	1.45%
Fair Value	$19.33	$24.00	$29.23
Upside / Downside	-35.51%	-19.96%	-2.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.72	40.90	41.09	41.27	41.45	41.64	42.89
Payout Ratio	68.10%	72.48%	76.86%	81.24%	85.62%	90.00%	92.50%
Projected Dividends (M)	27.73	29.65	31.58	33.53	35.49	37.48	39.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.54%	8.54%	8.54%
Growth Rate	-0.55%	0.45%	1.45%
Year 1 PV (M)	27.04	27.31	27.59
Year 2 PV (M)	26.27	26.81	27.34
Year 3 PV (M)	25.45	26.22	27.01
Year 4 PV (M)	24.57	25.57	26.61
Year 5 PV (M)	23.66	24.88	26.14
PV of Terminal Value (M)	452.17	475.36	499.50
Equity Value (M)	579.16	606.16	634.19
Shares Outstanding (M)	18.43	18.43	18.43
Fair Value	$31.43	$32.89	$34.41
Upside / Downside	4.83%	9.72%	14.79%

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Kforce Inc. (KFRC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener