DDM Analysis: HSL.L

Valuation Snapshot

Stable Growth	$4.60 - $6.59	$5.57
Multi-Stage	$7.79 - $8.52	$8.15
Blended Fair Value	$6.86
Current Price	$8.41
Upside	-18.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.65%	8.82%	0.27	0.27	0.25	0.24	0.24	0.24	0.22	0.19	0.16	0.14
YoY Growth	-	-	1.06%	10.41%	1.09%	1.05%	-0.01%	9.27%	13.16%	18.75%	14.29%	21.73%
Dividend Yield	-	-	3.26%	3.05%	3.13%	2.65%	1.85%	3.09%	2.56%	2.01%	2.05%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48.35
(-) Cash Dividends Paid (M)	34.30
(=) Cash Retained (M)	14.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.67	6.04	3.63
Cash Retained (M)	14.05	14.05	14.05
(-) Cash Required (M)	-9.67	-6.04	-3.63
(=) Excess Retained (M)	4.38	8.01	10.43
(/) Shares Outstanding (M)	73.07	73.07	73.07
(=) Excess Retained per Share	0.06	0.11	0.14
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.06	0.11	0.14
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	9.29%	9.29%	9.29%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.60	$5.57	$6.59
Upside / Downside	-45.34%	-33.73%	-21.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.35	47.87	47.39	46.91	46.45	45.98	47.36
Payout Ratio	70.94%	74.75%	78.56%	82.38%	86.19%	90.00%	92.50%
Projected Dividends (M)	34.30	35.78	37.23	38.65	40.03	41.38	43.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.29%	9.29%	9.29%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	32.41	32.74	33.07
Year 2 PV (M)	30.55	31.17	31.80
Year 3 PV (M)	28.72	29.61	30.51
Year 4 PV (M)	26.95	28.06	29.21
Year 5 PV (M)	25.23	26.55	27.91
PV of Terminal Value (M)	424.97	447.10	470.14
Equity Value (M)	568.82	595.23	622.66
Shares Outstanding (M)	73.07	73.07	73.07
Fair Value	$7.79	$8.15	$8.52
Upside / Downside	-7.43%	-3.13%	1.33%

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The Henderson Smaller Companies Investment Trust plc (HSL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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