DDM Analysis: HOVE.CO

Valuation Snapshot

Stable Growth	$3.69 - $5.69	$4.62
Multi-Stage	$8.24 - $9.07	$8.65
Blended Fair Value	$6.63
Current Price	$3.14
Upside	111.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.00	0.00	0.11	0.09	0.02	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	30.84%	328.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	2.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.95
(-) Cash Dividends Paid (M)	3.45
(=) Cash Retained (M)	6.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.99	1.24	0.75
Cash Retained (M)	6.49	6.49	6.49
(-) Cash Required (M)	-1.99	-1.24	-0.75
(=) Excess Retained (M)	4.50	5.25	5.75
(/) Shares Outstanding (M)	24.91	24.91	24.91
(=) Excess Retained per Share	0.18	0.21	0.23
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.18	0.21	0.23
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.69	$4.62	$5.69
Upside / Downside	17.46%	47.11%	81.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.95	9.85	9.75	9.65	9.55	9.46	9.74
Payout Ratio	34.71%	45.77%	56.82%	67.88%	78.94%	90.00%	92.50%
Projected Dividends (M)	3.45	4.51	5.54	6.55	7.54	8.51	9.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.19	4.23	4.27
Year 2 PV (M)	4.79	4.88	4.98
Year 3 PV (M)	5.26	5.43	5.59
Year 4 PV (M)	5.63	5.87	6.11
Year 5 PV (M)	5.91	6.22	6.54
PV of Terminal Value (M)	179.45	188.79	198.52
Equity Value (M)	205.23	215.42	226.02
Shares Outstanding (M)	24.91	24.91	24.91
Fair Value	$8.24	$8.65	$9.07
Upside / Downside	162.34%	175.37%	188.91%

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Hove A/S (HOVE.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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