DDM Analysis: 0QU6.L

Valuation Snapshot

Stable Growth	$128.28 - $196.17	$160.02
Multi-Stage	$272.90 - $300.26	$286.31
Blended Fair Value	$223.16
Current Price	$110.60
Upside	101.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.05%	0.00%	3.10	2.90	2.70	1.91	0.00	3.09	3.02	2.86	2.77	2.61
YoY Growth	-	-	6.82%	7.51%	41.12%	0.00%	-100.00%	2.23%	5.47%	3.32%	6.06%	0.00%
Dividend Yield	-	-	3.62%	3.63%	3.29%	2.01%	0.00%	2.86%	2.61%	2.37%	2.65%	2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.63
(-) Cash Dividends Paid (M)	64.61
(=) Cash Retained (M)	80.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.93	18.08	10.85
Cash Retained (M)	80.01	80.01	80.01
(-) Cash Required (M)	-28.93	-18.08	-10.85
(=) Excess Retained (M)	51.09	61.93	69.16
(/) Shares Outstanding (M)	10.10	10.10	10.10
(=) Excess Retained per Share	5.06	6.13	6.84
LTM Dividend per Share	6.39	6.39	6.39
(+) Excess Retained per Share	5.06	6.13	6.84
(=) Adjusted Dividend	11.45	12.52	13.24
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-1.95%	-0.95%	0.05%
Fair Value	$128.28	$160.02	$196.17
Upside / Downside	15.98%	44.68%	77.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.63	143.26	141.90	140.56	139.22	137.91	142.04
Payout Ratio	44.68%	53.74%	62.81%	71.87%	80.94%	90.00%	92.50%
Projected Dividends (M)	64.61	76.99	89.12	101.02	112.68	124.12	131.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-1.95%	-0.95%	0.05%
Year 1 PV (M)	71.35	72.08	72.81
Year 2 PV (M)	76.56	78.13	79.71
Year 3 PV (M)	80.43	82.91	85.45
Year 4 PV (M)	83.15	86.59	90.14
Year 5 PV (M)	84.88	89.30	93.90
PV of Terminal Value (M)	2,361.16	2,484.04	2,611.98
Equity Value (M)	2,757.52	2,893.05	3,034.00
Shares Outstanding (M)	10.10	10.10	10.10
Fair Value	$272.90	$286.31	$300.26
Upside / Downside	146.75%	158.87%	171.48%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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HIAG Immobilien Holding AG (0QU6.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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