DDM Analysis: HFEL.L

Valuation Snapshot

Stable Growth	$3.52 - $5.04	$4.26
Multi-Stage	$5.94 - $6.50	$6.21
Blended Fair Value	$5.24
Current Price	$2.31
Upside	126.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.17%	7.35%	0.26	0.24	0.23	0.22	0.21	0.19	0.17	0.16	0.14	0.14
YoY Growth	-	-	6.95%	4.13%	6.32%	5.95%	7.55%	12.68%	8.09%	8.73%	5.73%	7.58%
Dividend Yield	-	-	11.14%	10.60%	10.60%	7.73%	6.79%	6.29%	4.69%	4.39%	3.79%	3.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.44
(-) Cash Dividends Paid (M)	60.58
(=) Cash Retained (M)	23.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.89	10.56	6.33
Cash Retained (M)	23.86	23.86	23.86
(-) Cash Required (M)	-16.89	-10.56	-6.33
(=) Excess Retained (M)	6.97	13.30	17.53
(/) Shares Outstanding (M)	165.95	165.95	165.95
(=) Excess Retained per Share	0.04	0.08	0.11
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.04	0.08	0.11
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.52	$4.26	$5.04
Upside / Downside	52.23%	84.46%	118.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.44	83.60	82.76	81.93	81.11	80.30	82.71
Payout Ratio	71.74%	75.40%	79.05%	82.70%	86.35%	90.00%	92.50%
Projected Dividends (M)	60.58	63.03	65.42	67.76	70.04	72.27	76.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	57.06	57.64	58.22
Year 2 PV (M)	53.62	54.72	55.83
Year 3 PV (M)	50.27	51.83	53.42
Year 4 PV (M)	47.05	49.00	51.01
Year 5 PV (M)	43.95	46.24	48.62
PV of Terminal Value (M)	733.40	771.58	811.35
Equity Value (M)	985.34	1,031.01	1,078.44
Shares Outstanding (M)	165.95	165.95	165.95
Fair Value	$5.94	$6.21	$6.50
Upside / Downside	157.03%	168.94%	181.32%

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Henderson Far East Income Limited (HFEL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener