DDM Analysis: HEFT.L

Valuation Snapshot

Stable Growth	$2.72 - $6.33	$3.99
Multi-Stage	$2.04 - $2.22	$2.13
Blended Fair Value	$3.06
Current Price	$1.81
Upside	68.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	9.31%	12.60%	0.05	0.04	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02
YoY Growth	-	-	39.22%	14.41%	-1.74%	0.64%	-0.95%	17.17%	11.26%	15.99%	-4.29%	45.07%
Dividend Yield	-	-	3.15%	2.79%	1.95%	2.50%	2.51%	2.57%	1.94%	2.31%	2.12%	2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27.87
(-) Cash Dividends Paid (M)	18.10
(=) Cash Retained (M)	9.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.57	3.48	2.09
Cash Retained (M)	9.77	9.77	9.77
(-) Cash Required (M)	-5.57	-3.48	-2.09
(=) Excess Retained (M)	4.20	6.28	7.68
(/) Shares Outstanding (M)	213.21	213.21	213.21
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.72	$3.99	$6.33
Upside / Downside	50.35%	120.36%	249.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27.87	29.68	31.61	33.66	35.85	38.18	39.32
Payout Ratio	64.95%	69.96%	74.97%	79.98%	84.99%	90.00%	92.50%
Projected Dividends (M)	18.10	20.76	23.69	26.92	30.47	34.36	36.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18.77	18.95	19.13
Year 2 PV (M)	19.37	19.74	20.11
Year 3 PV (M)	19.90	20.47	21.06
Year 4 PV (M)	20.37	21.15	21.96
Year 5 PV (M)	20.77	21.77	22.81
PV of Terminal Value (M)	335.50	351.71	368.53
Equity Value (M)	434.69	453.80	473.60
Shares Outstanding (M)	213.21	213.21	213.21
Fair Value	$2.04	$2.13	$2.22
Upside / Downside	12.64%	17.59%	22.72%

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Henderson European Focus Trust plc (HEFT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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