DDM Analysis: HPQ

Valuation Snapshot

Stable Growth	$32.34 - $55.52	$42.36
Multi-Stage	$191.58 - $211.74	$201.46
Blended Fair Value	$121.91
Current Price	$27.67
Upside	340.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	1.76%	-1.38%	1.14	1.13	1.09	1.09	0.98	1.05	1.02	0.94	0.94	0.90
YoY Growth	-	-	1.21%	3.66%	0.00%	10.55%	-5.92%	2.78%	7.90%	0.56%	4.20%	-31.36%
Dividend Yield	-	-	4.12%	3.47%	3.79%	3.73%	2.68%	4.27%	4.77%	4.28%	4.02%	5.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,529.00
(-) Cash Dividends Paid (M)	1,088.00
(=) Cash Retained (M)	1,441.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	505.80	316.13	189.68
Cash Retained (M)	1,441.00	1,441.00	1,441.00
(-) Cash Required (M)	-505.80	-316.13	-189.68
(=) Excess Retained (M)	935.20	1,124.88	1,251.33
(/) Shares Outstanding (M)	953.75	953.75	953.75
(=) Excess Retained per Share	0.98	1.18	1.31
LTM Dividend per Share	1.14	1.14	1.14
(+) Excess Retained per Share	0.98	1.18	1.31
(=) Adjusted Dividend	2.12	2.32	2.45
WACC / Discount Rate	3.92%	3.92%	3.92%
Growth Rate	-2.48%	-1.48%	-0.48%
Fair Value	$32.34	$42.36	$55.52
Upside / Downside	16.88%	53.08%	100.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,529.00	2,491.60	2,454.76	2,418.45	2,382.69	2,347.45	2,417.88
Payout Ratio	43.02%	52.42%	61.81%	71.21%	80.60%	90.00%	92.50%
Projected Dividends (M)	1,088.00	1,306.02	1,517.35	1,722.14	1,920.55	2,112.71	2,236.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.92%	3.92%	3.92%
Growth Rate	-2.48%	-1.48%	-0.48%
Year 1 PV (M)	1,244.02	1,256.78	1,269.53
Year 2 PV (M)	1,376.71	1,405.09	1,433.76
Year 3 PV (M)	1,488.36	1,534.61	1,581.82
Year 4 PV (M)	1,581.04	1,646.89	1,714.78
Year 5 PV (M)	1,656.67	1,743.37	1,833.66
PV of Terminal Value (M)	175,377.13	184,555.18	194,113.52
Equity Value (M)	182,723.93	192,141.92	201,947.08
Shares Outstanding (M)	953.75	953.75	953.75
Fair Value	$191.58	$201.46	$211.74
Upside / Downside	592.39%	628.08%	665.23%

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HP Inc. (HPQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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