DDM Analysis: HLMA.L

Valuation Snapshot

Stable Growth	$46.83 - $230.03	$83.41
Multi-Stage	$28.33 - $30.98	$29.63
Blended Fair Value	$56.52
Current Price	$34.50
Upside	63.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.49%	6.80%	0.22	0.21	0.19	0.18	0.17	0.16	0.15	0.14	0.13	0.12
YoY Growth	-	-	7.16%	6.68%	6.70%	7.85%	4.08%	6.99%	7.12%	7.25%	7.13%	7.08%
Dividend Yield	-	-	0.86%	0.88%	0.87%	0.72%	0.71%	0.84%	0.88%	1.19%	1.28%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	553.40
(-) Cash Dividends Paid (M)	151.85
(=) Cash Retained (M)	401.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	110.68	69.18	41.51
Cash Retained (M)	401.55	401.55	401.55
(-) Cash Required (M)	-110.68	-69.18	-41.51
(=) Excess Retained (M)	290.87	332.38	360.05
(/) Shares Outstanding (M)	379.05	379.05	379.05
(=) Excess Retained per Share	0.77	0.88	0.95
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.77	0.88	0.95
(=) Adjusted Dividend	1.17	1.28	1.35
WACC / Discount Rate	8.13%	8.13%	8.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.83	$83.41	$230.03
Upside / Downside	35.75%	141.77%	566.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	553.40	589.37	627.68	668.48	711.93	758.21	780.95
Payout Ratio	27.44%	39.95%	52.46%	64.98%	77.49%	90.00%	92.50%
Projected Dividends (M)	151.85	235.46	329.30	434.35	551.66	682.39	722.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.13%	8.13%	8.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	215.71	217.76	219.80
Year 2 PV (M)	276.38	281.64	286.95
Year 3 PV (M)	333.96	343.55	353.32
Year 4 PV (M)	388.58	403.52	418.89
Year 5 PV (M)	440.34	461.61	483.69
PV of Terminal Value (M)	9,084.80	9,523.60	9,979.20
Equity Value (M)	10,739.78	11,231.68	11,741.86
Shares Outstanding (M)	379.05	379.05	379.05
Fair Value	$28.33	$29.63	$30.98
Upside / Downside	-17.87%	-14.11%	-10.21%

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Halma plc (HLMA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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