DDM Analysis: HAGA.IC

Valuation Snapshot

Stable Growth	$679.39 - $1,323.85	$1,240.65
Multi-Stage	$205.30 - $224.77	$214.85
Blended Fair Value	$727.75
Current Price	$102.00
Upside	613.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.82%	7.96%	2.29	2.24	2.05	1.33	0.00	1.05	1.02	0.00	1.81	1.81
YoY Growth	-	-	1.90%	9.27%	54.50%	0.00%	-100.00%	2.66%	0.00%	-100.00%	0.00%	69.97%
Dividend Yield	-	-	2.24%	2.89%	3.11%	1.91%	0.00%	2.13%	2.39%	0.00%	3.43%	3.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,344.00
(-) Cash Dividends Paid (M)	2,522.00
(=) Cash Retained (M)	4,822.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,468.80	918.00	550.80
Cash Retained (M)	4,822.00	4,822.00	4,822.00
(-) Cash Required (M)	-1,468.80	-918.00	-550.80
(=) Excess Retained (M)	3,353.20	3,904.00	4,271.20
(/) Shares Outstanding (M)	1,103.25	1,103.25	1,103.25
(=) Excess Retained per Share	3.04	3.54	3.87
LTM Dividend per Share	2.29	2.29	2.29
(+) Excess Retained per Share	3.04	3.54	3.87
(=) Adjusted Dividend	5.33	5.82	6.16
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$679.39	$1,240.65	$1,323.85
Upside / Downside	566.07%	1,116.32%	1,197.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,344.00	7,821.36	8,329.75	8,871.18	9,447.81	10,061.92	10,363.77
Payout Ratio	34.34%	45.47%	56.60%	67.74%	78.87%	90.00%	92.50%
Projected Dividends (M)	2,522.00	3,556.59	4,715.02	6,009.02	7,451.32	9,055.72	9,586.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,313.55	3,344.96	3,376.36
Year 2 PV (M)	4,092.63	4,170.58	4,249.27
Year 3 PV (M)	4,859.39	4,998.89	5,141.03
Year 4 PV (M)	5,613.98	5,829.88	6,051.94
Year 5 PV (M)	6,356.54	6,663.56	6,982.33
PV of Terminal Value (M)	202,260.21	212,029.46	222,172.59
Equity Value (M)	226,496.30	237,037.32	247,973.54
Shares Outstanding (M)	1,103.25	1,103.25	1,103.25
Fair Value	$205.30	$214.85	$224.77
Upside / Downside	101.27%	110.64%	120.36%

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Hagar hf (HAGA.IC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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