DDM Analysis: MLHK.PA

Valuation Snapshot

Stable Growth	$32.06 - $159.52	$57.25
Multi-Stage	$18.98 - $20.78	$19.86
Blended Fair Value	$38.56
Current Price	$49.00
Upside	-21.32%
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	0.00%	0.00%	0.03	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-13.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.02%	0.03%	0.00%	0.00%	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)	35.38
(-) Cash Dividends Paid (M)	1.23
(=) Cash Retained (M)	34.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.08	4.42	2.65
Cash Retained (M)	34.15	34.15	34.15
(-) Cash Required (M)	-7.08	-4.42	-2.65
(=) Excess Retained (M)	27.07	29.73	31.50
(/) Shares Outstanding (M)	35.53	35.53	35.53
(=) Excess Retained per Share	0.76	0.84	0.89
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.76	0.84	0.89
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	5.48%	6.48%	7.48%
Fair Value	$32.06	$57.25	$159.52
Upside / Downside	-34.56%	16.83%	225.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.38	37.67	40.11	42.71	45.48	48.42	49.88
Payout Ratio	3.47%	20.78%	38.08%	55.39%	72.69%	90.00%	92.50%
Projected Dividends (M)	1.23	7.83	15.28	23.66	33.06	43.58	46.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	5.48%	6.48%	7.48%
Year 1 PV (M)	7.17	7.24	7.31
Year 2 PV (M)	12.83	13.07	13.32
Year 3 PV (M)	18.20	18.73	19.26
Year 4 PV (M)	23.31	24.21	25.13
Year 5 PV (M)	28.16	29.52	30.94
PV of Terminal Value (M)	584.66	612.90	642.23
Equity Value (M)	674.34	705.68	738.19
Shares Outstanding (M)	35.53	35.53	35.53
Fair Value	$18.98	$19.86	$20.78
Upside / Downside	-61.26%	-59.46%	-57.60%

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H&K AG (MLHK.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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