DDM Analysis: HAMAT.TA

Valuation Snapshot

Stable Growth	$35.35 - $202.03	$66.43
Multi-Stage	$24.62 - $26.94	$25.76
Blended Fair Value	$46.09
Current Price	$14.27
Upside	223.02%
Decision	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%	0.00	0.31	0.00	0.50	0.47	0.00	0.00	0.62	0.74	0.93
YoY Growth	-	-	-100.00%	0.00%	-100.00%	6.67%	0.00%	0.00%	-100.00%	-16.67%	-20.00%	-45.45%
Dividend Yield	-	-	0.00%	2.47%	0.00%	1.48%	3.12%	0.00%	0.00%	4.93%	4.51%	8.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.98
(-) Cash Dividends Paid (M)	15.00
(=) Cash Retained (M)	17.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.60	4.12	2.47
Cash Retained (M)	17.98	17.98	17.98
(-) Cash Required (M)	-6.60	-4.12	-2.47
(=) Excess Retained (M)	11.38	13.86	15.51
(/) Shares Outstanding (M)	32.22	32.22	32.22
(=) Excess Retained per Share	0.35	0.43	0.48
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.35	0.43	0.48
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	4.68%	5.68%	6.68%
Fair Value	$35.35	$66.43	$202.03
Upside / Downside	147.73%	365.49%	1,315.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.98	34.85	36.83	38.93	41.14	43.47	44.78
Payout Ratio	45.48%	54.38%	63.29%	72.19%	81.10%	90.00%	92.50%
Projected Dividends (M)	15.00	18.96	23.31	28.10	33.36	39.12	41.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	4.68%	5.68%	6.68%
Year 1 PV (M)	17.53	17.70	17.87
Year 2 PV (M)	19.94	20.32	20.71
Year 3 PV (M)	22.23	22.87	23.53
Year 4 PV (M)	24.41	25.35	26.32
Year 5 PV (M)	26.47	27.76	29.10
PV of Terminal Value (M)	682.79	716.03	750.56
Equity Value (M)	793.36	830.04	868.08
Shares Outstanding (M)	32.22	32.22	32.22
Fair Value	$24.62	$25.76	$26.94
Upside / Downside	72.56%	80.54%	88.82%

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Hamat Group Ltd. (HAMAT.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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