DDM Analysis: HRON.TA

Valuation Snapshot

Stable Growth	$1,746.87 - $2,630.06	$2,164.18
Multi-Stage	$2,269.04 - $2,486.96	$2,375.94
Blended Fair Value	$2,270.06
Current Price	$2,530.00
Upside	-10.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.28%	13.98%	41.14	42.64	44.11	27.57	11.03	22.06	22.06	11.05	11.12	11.12
YoY Growth	-	-	-3.51%	-3.34%	59.99%	149.99%	-49.99%	0.00%	99.67%	-0.65%	0.00%	0.00%
Dividend Yield	-	-	1.97%	2.22%	2.77%	1.28%	0.76%	1.55%	1.33%	0.63%	0.88%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.23
(-) Cash Dividends Paid (M)	14.83
(=) Cash Retained (M)	57.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.45	9.03	5.42
Cash Retained (M)	57.40	57.40	57.40
(-) Cash Required (M)	-14.45	-9.03	-5.42
(=) Excess Retained (M)	42.95	48.37	51.98
(/) Shares Outstanding (M)	0.36	0.36	0.36
(=) Excess Retained per Share	119.11	134.14	144.15
LTM Dividend per Share	41.12	41.12	41.12
(+) Excess Retained per Share	119.11	134.14	144.15
(=) Adjusted Dividend	160.24	175.26	185.27
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	0.59%	1.59%	2.59%
Fair Value	$1,746.87	$2,164.18	$2,630.06
Upside / Downside	-30.95%	-14.46%	3.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.23	73.37	74.54	75.72	76.93	78.15	80.49
Payout Ratio	20.53%	34.43%	48.32%	62.21%	76.11%	90.00%	92.50%
Projected Dividends (M)	14.83	25.26	36.02	47.11	58.55	70.33	74.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	0.59%	1.59%	2.59%
Year 1 PV (M)	22.77	23.00	23.23
Year 2 PV (M)	29.28	29.87	30.46
Year 3 PV (M)	34.53	35.57	36.63
Year 4 PV (M)	38.70	40.26	41.87
Year 5 PV (M)	41.91	44.04	46.25
PV of Terminal Value (M)	651.01	684.01	718.35
Equity Value (M)	818.20	856.75	896.78
Shares Outstanding (M)	0.36	0.36	0.36
Fair Value	$2,269.04	$2,375.94	$2,486.96
Upside / Downside	-10.31%	-6.09%	-1.70%

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Hiron-Trade Investments & Industrial Buildings Ltd (HRON.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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