DDM Analysis: HOFI.ST

Valuation Snapshot

Stable Growth	$632.44 - $2,283.97	$2,009.34
Multi-Stage	$287.56 - $314.72	$300.89
Blended Fair Value	$1,155.12
Current Price	$99.50
Upside	1,060.92%
Decision	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%	0.00	0.00	0.00	0.00	0.69	0.71	0.00	1.20	0.67	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-3.23%	0.00%	-100.00%	77.93%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	1.80%	2.88%	0.00%	1.56%	0.86%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,004.00
(-) Cash Dividends Paid (M)	256.00
(=) Cash Retained (M)	748.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	200.80	125.50	75.30
Cash Retained (M)	748.00	748.00	748.00
(-) Cash Required (M)	-200.80	-125.50	-75.30
(=) Excess Retained (M)	547.20	622.50	672.70
(/) Shares Outstanding (M)	87.42	87.42	87.42
(=) Excess Retained per Share	6.26	7.12	7.69
LTM Dividend per Share	2.93	2.93	2.93
(+) Excess Retained per Share	6.26	7.12	7.69
(=) Adjusted Dividend	9.19	10.05	10.62
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$632.44	$2,009.34	$2,283.97
Upside / Downside	535.62%	1,919.43%	2,195.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,004.00	1,069.26	1,138.76	1,212.78	1,291.61	1,375.57	1,416.83
Payout Ratio	25.50%	38.40%	51.30%	64.20%	77.10%	90.00%	92.50%
Projected Dividends (M)	256.00	410.58	584.17	778.60	995.83	1,238.01	1,310.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	380.00	383.60	387.20
Year 2 PV (M)	500.40	509.93	519.55
Year 3 PV (M)	617.27	634.99	653.04
Year 4 PV (M)	730.69	758.79	787.69
Year 5 PV (M)	840.73	881.34	923.50
PV of Terminal Value (M)	22,070.25	23,136.25	24,243.05
Equity Value (M)	25,139.33	26,304.89	27,514.04
Shares Outstanding (M)	87.42	87.42	87.42
Fair Value	$287.56	$300.89	$314.72
Upside / Downside	189.01%	202.41%	216.31%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
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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%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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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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Hoist Finance AB (publ) (HOFI.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener