DDM Analysis: KLAC

Valuation Snapshot

Stable Growth	$627.25 - $1,387.34	$903.72
Multi-Stage	$454.03 - $495.82	$474.55
Blended Fair Value	$689.13
Current Price	$1,078.60
Upside	-36.11%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.61%	-11.42%	6.79	5.80	5.50	4.79	4.20	3.92	3.55	3.02	2.58	2.60
YoY Growth	-	-	17.02%	5.53%	14.73%	14.15%	7.07%	10.62%	17.46%	16.88%	-0.66%	-88.61%
Dividend Yield	-	-	0.63%	0.75%	1.20%	1.58%	1.26%	2.02%	2.22%	3.00%	2.44%	3.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,236.83
(-) Cash Dividends Paid (M)	960.52
(=) Cash Retained (M)	3,276.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	847.37	529.60	317.76
Cash Retained (M)	3,276.31	3,276.31	3,276.31
(-) Cash Required (M)	-847.37	-529.60	-317.76
(=) Excess Retained (M)	2,428.94	2,746.71	2,958.55
(/) Shares Outstanding (M)	133.21	133.21	133.21
(=) Excess Retained per Share	18.23	20.62	22.21
LTM Dividend per Share	7.21	7.21	7.21
(+) Excess Retained per Share	18.23	20.62	22.21
(=) Adjusted Dividend	25.44	27.83	29.42
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$627.25	$903.72	$1,387.34
Upside / Downside	-41.85%	-16.21%	28.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,236.83	4,512.23	4,805.52	5,117.88	5,450.54	5,804.83	5,978.97
Payout Ratio	22.67%	36.14%	49.60%	63.07%	76.53%	90.00%	92.50%
Projected Dividends (M)	960.52	1,630.57	2,383.66	3,227.76	4,171.53	5,224.34	5,530.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,471.36	1,485.31	1,499.25
Year 2 PV (M)	1,940.91	1,977.88	2,015.20
Year 3 PV (M)	2,371.61	2,439.69	2,509.06
Year 4 PV (M)	2,765.78	2,872.15	2,981.55
Year 5 PV (M)	3,125.62	3,276.59	3,433.33
PV of Terminal Value (M)	48,804.70	51,161.98	53,609.49
Equity Value (M)	60,479.98	63,213.60	66,047.88
Shares Outstanding (M)	133.21	133.21	133.21
Fair Value	$454.03	$474.55	$495.82
Upside / Downside	-57.91%	-56.00%	-54.03%

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KLA Corporation (KLAC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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