DDM Analysis: VKI

Valuation Snapshot

Stable Growth	$3.41 - $4.62	$4.02
Multi-Stage	$10.87 - $12.01	$11.43
Blended Fair Value	$7.73
Current Price	$8.31
Upside	-7.04%
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	-6.35%	-7.01%	0.37	0.38	0.46	0.58	0.55	0.52	0.59	0.66	0.72	0.78
YoY Growth	-	-	-1.03%	-18.18%	-19.62%	5.41%	4.98%	-11.58%	-10.70%	-8.21%	-8.32%	0.97%
Dividend Yield	-	-	4.16%	4.46%	5.42%	5.22%	4.72%	4.64%	5.53%	6.07%	6.35%	6.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.16
(-) Cash Dividends Paid (M)	24.66
(=) Cash Retained (M)	7.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.43	4.02	2.41
Cash Retained (M)	7.50	7.50	7.50
(-) Cash Required (M)	-6.43	-4.02	-2.41
(=) Excess Retained (M)	1.07	3.48	5.09
(/) Shares Outstanding (M)	44.22	44.22	44.22
(=) Excess Retained per Share	0.02	0.08	0.12
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.02	0.08	0.12
(=) Adjusted Dividend	0.58	0.64	0.67
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-9.01%	-8.01%	-7.01%
Fair Value	$3.41	$4.02	$4.62
Upside / Downside	-59.02%	-51.57%	-44.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.16	29.58	27.21	25.03	23.02	21.18	21.82
Payout Ratio	76.68%	79.34%	82.01%	84.67%	87.34%	90.00%	92.50%
Projected Dividends (M)	24.66	23.47	22.31	21.19	20.11	19.06	20.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-9.01%	-8.01%	-7.01%
Year 1 PV (M)	21.79	22.03	22.27
Year 2 PV (M)	19.24	19.66	20.09
Year 3 PV (M)	16.96	17.53	18.11
Year 4 PV (M)	14.94	15.61	16.30
Year 5 PV (M)	13.15	13.89	14.66
PV of Terminal Value (M)	394.34	416.49	439.63
Equity Value (M)	480.43	505.22	531.06
Shares Outstanding (M)	44.22	44.22	44.22
Fair Value	$10.87	$11.43	$12.01
Upside / Downside	30.75%	37.50%	44.53%

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HBEL.BO	Humming Bird Education Limited	1.26%	$0.30	36.54%
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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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Invesco Advantage Municipal Income Trust II (VKI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener