DDM Analysis: KLBN11.SA

Valuation Snapshot

Stable Growth	$59.69 - $70.32	$65.90
Multi-Stage	$36.49 - $40.02	$38.22
Blended Fair Value	$52.06
Current Price	$18.04
Upside	188.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.30%	16.75%	0.32	0.30	0.34	0.12	0.05	0.20	0.17	0.10	0.09	0.08
YoY Growth	-	-	5.70%	-10.94%	185.75%	160.51%	-76.70%	13.93%	65.68%	13.30%	18.39%	13.84%
Dividend Yield	-	-	1.72%	1.29%	2.10%	0.56%	0.19%	1.41%	1.13%	0.60%	0.71%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,719.58
(-) Cash Dividends Paid (M)	1,368.57
(=) Cash Retained (M)	351.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	343.92	214.95	128.97
Cash Retained (M)	351.01	351.01	351.01
(-) Cash Required (M)	-343.92	-214.95	-128.97
(=) Excess Retained (M)	7.09	136.06	222.04
(/) Shares Outstanding (M)	4,863.24	4,863.24	4,863.24
(=) Excess Retained per Share	0.00	0.03	0.05
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.00	0.03	0.05
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	4.04%	4.04%	4.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$59.69	$65.90	$70.32
Upside / Downside	230.85%	265.30%	289.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,719.58	1,831.35	1,950.39	2,077.17	2,212.18	2,355.97	2,426.65
Payout Ratio	79.59%	81.67%	83.75%	85.83%	87.92%	90.00%	92.50%
Projected Dividends (M)	1,368.57	1,495.67	1,633.50	1,782.94	1,944.89	2,120.38	2,244.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.04%	4.04%	4.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,424.16	1,437.66	1,451.15
Year 2 PV (M)	1,481.04	1,509.25	1,537.72
Year 3 PV (M)	1,539.24	1,583.42	1,628.45
Year 4 PV (M)	1,598.78	1,660.27	1,723.51
Year 5 PV (M)	1,659.70	1,739.86	1,823.09
PV of Terminal Value (M)	169,748.73	177,947.66	186,460.38
Equity Value (M)	177,451.64	185,878.11	194,624.30
Shares Outstanding (M)	4,863.24	4,863.24	4,863.24
Fair Value	$36.49	$38.22	$40.02
Upside / Downside	102.26%	111.87%	121.84%

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Klabin S.A. (KLBN11.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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