DDM Analysis: HAT.L

Valuation Snapshot

Stable Growth	$26.47 - $84.39	$42.68
Multi-Stage	$17.46 - $19.07	$18.25
Blended Fair Value	$30.47
Current Price	$3.55
Upside	758.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.77%	15.71%	0.17	0.16	0.12	0.09	0.02	0.10	0.09	0.08	0.07	0.05
YoY Growth	-	-	6.33%	40.53%	27.75%	300.20%	-77.17%	9.46%	11.84%	14.63%	36.06%	29.17%
Dividend Yield	-	-	4.92%	3.81%	2.44%	3.10%	0.89%	2.97%	3.46%	2.44%	2.77%	2.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.31
(-) Cash Dividends Paid (M)	14.77
(=) Cash Retained (M)	28.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.66	5.41	3.25
Cash Retained (M)	28.55	28.55	28.55
(-) Cash Required (M)	-8.66	-5.41	-3.25
(=) Excess Retained (M)	19.88	23.13	25.30
(/) Shares Outstanding (M)	43.53	43.53	43.53
(=) Excess Retained per Share	0.46	0.53	0.58
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.46	0.53	0.58
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.47	$42.68	$84.39
Upside / Downside	645.64%	1,102.26%	2,277.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.31	46.13	49.12	52.32	55.72	59.34	61.12
Payout Ratio	34.09%	45.27%	56.45%	67.64%	78.82%	90.00%	92.50%
Projected Dividends (M)	14.77	20.88	27.73	35.39	43.92	53.41	56.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.04	19.22	19.40
Year 2 PV (M)	23.04	23.48	23.93
Year 3 PV (M)	26.80	27.57	28.36
Year 4 PV (M)	30.32	31.49	32.69
Year 5 PV (M)	33.61	35.24	36.92
PV of Terminal Value (M)	627.32	657.62	689.08
Equity Value (M)	760.14	794.62	830.37
Shares Outstanding (M)	43.53	43.53	43.53
Fair Value	$17.46	$18.25	$19.07
Upside / Downside	391.87%	414.18%	437.31%

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H&T Group plc (HAT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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