DDM Analysis: 2HRA.DE

Valuation Snapshot

Stable Growth	$2.90 - $5.14	$3.85
Multi-Stage	$5.25 - $5.77	$5.50
Blended Fair Value	$4.68
Current Price	$4.93
Upside	-5.13%
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	0.00%	0.00%	0.10	0.10	0.00	0.00	0.00	0.00	0.19	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.35%	2.08%	0.00%	0.00%	0.00%	0.00%	2.60%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8.12
(-) Cash Dividends Paid (M)	3.72
(=) Cash Retained (M)	4.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.62	1.02	0.61
Cash Retained (M)	4.40	4.40	4.40
(-) Cash Required (M)	-1.62	-1.02	-0.61
(=) Excess Retained (M)	2.77	3.38	3.79
(/) Shares Outstanding (M)	37.54	37.54	37.54
(=) Excess Retained per Share	0.07	0.09	0.10
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.07	0.09	0.10
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.37%	1.37%	2.37%
Fair Value	$2.90	$3.85	$5.14
Upside / Downside	-41.12%	-21.90%	4.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8.12	8.23	8.34	8.46	8.57	8.69	8.95
Payout Ratio	45.84%	54.67%	63.50%	72.33%	81.17%	90.00%	92.50%
Projected Dividends (M)	3.72	4.50	5.30	6.12	6.96	7.82	8.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.37%	1.37%	2.37%
Year 1 PV (M)	4.19	4.23	4.27
Year 2 PV (M)	4.59	4.68	4.78
Year 3 PV (M)	4.94	5.09	5.24
Year 4 PV (M)	5.23	5.44	5.66
Year 5 PV (M)	5.47	5.75	6.04
PV of Terminal Value (M)	172.66	181.43	190.56
Equity Value (M)	197.08	206.62	216.55
Shares Outstanding (M)	37.54	37.54	37.54
Fair Value	$5.25	$5.50	$5.77
Upside / Downside	6.48%	11.64%	17.00%

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H&R GmbH & Co. KGaA (2HRA.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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