DDM Analysis: HBM

Valuation Snapshot

Stable Growth	$27.48 - $73.71	$42.16
Multi-Stage	$19.81 - $21.69	$20.73
Blended Fair Value	$31.45
Current Price	$10.61
Upside	196.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.97%	4.22%	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
YoY Growth	-	-	22.22%	11.19%	-2.39%	9.60%	-3.67%	-2.92%	9.74%	3.34%	-1.03%	-0.90%
Dividend Yield	-	-	0.18%	0.16%	0.19%	0.13%	0.14%	0.52%	0.14%	0.14%	0.14%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	461.66
(-) Cash Dividends Paid (M)	5.61
(=) Cash Retained (M)	456.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	92.33	57.71	34.62
Cash Retained (M)	456.05	456.05	456.05
(-) Cash Required (M)	-92.33	-57.71	-34.62
(=) Excess Retained (M)	363.72	398.34	421.43
(/) Shares Outstanding (M)	395.61	395.61	395.61
(=) Excess Retained per Share	0.92	1.01	1.07
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.92	1.01	1.07
(=) Adjusted Dividend	0.93	1.02	1.08
WACC / Discount Rate	8.54%	8.54%	8.54%
Growth Rate	4.97%	5.97%	6.97%
Fair Value	$27.48	$42.16	$73.71
Upside / Downside	158.97%	297.35%	594.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	461.66	489.22	518.43	549.38	582.17	616.92	635.43
Payout Ratio	1.22%	18.97%	36.73%	54.49%	72.24%	90.00%	92.50%
Projected Dividends (M)	5.61	92.82	190.41	299.33	420.58	555.23	587.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.54%	8.54%	8.54%
Growth Rate	4.97%	5.97%	6.97%
Year 1 PV (M)	84.71	85.52	86.32
Year 2 PV (M)	158.60	161.64	164.71
Year 3 PV (M)	227.55	234.12	240.81
Year 4 PV (M)	291.79	303.07	314.68
Year 5 PV (M)	351.57	368.64	386.36
PV of Terminal Value (M)	6,722.59	7,048.96	7,387.90
Equity Value (M)	7,836.82	8,201.95	8,580.77
Shares Outstanding (M)	395.61	395.61	395.61
Fair Value	$19.81	$20.73	$21.69
Upside / Downside	86.71%	95.41%	104.43%

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Hudbay Minerals Inc. (HBM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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