DDM Analysis: HHI.L

Valuation Snapshot

Stable Growth	$8.48 - $17.34	$11.88
Multi-Stage	$7.60 - $8.31	$7.95
Blended Fair Value	$9.92
Current Price	$1.80
Upside	450.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.36%	6.58%	0.11	0.08	0.08	0.08	0.08	0.08	0.08	0.07	0.06	0.06
YoY Growth	-	-	27.53%	2.42%	2.41%	0.11%	1.65%	1.88%	13.04%	7.23%	5.09%	7.00%
Dividend Yield	-	-	6.51%	5.30%	4.92%	4.46%	5.39%	4.06%	4.78%	3.56%	3.43%	3.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	77.02
(-) Cash Dividends Paid (M)	32.87
(=) Cash Retained (M)	44.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.40	9.63	5.78
Cash Retained (M)	44.14	44.14	44.14
(-) Cash Required (M)	-15.40	-9.63	-5.78
(=) Excess Retained (M)	28.74	34.52	38.37
(/) Shares Outstanding (M)	160.47	160.47	160.47
(=) Excess Retained per Share	0.18	0.22	0.24
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.18	0.22	0.24
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	8.98%	8.98%	8.98%
Growth Rate	4.26%	5.26%	6.26%
Fair Value	$8.48	$11.88	$17.34
Upside / Downside	371.20%	560.19%	863.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	77.02	81.07	85.34	89.83	94.55	99.53	102.52
Payout Ratio	42.68%	52.15%	61.61%	71.07%	80.54%	90.00%	92.50%
Projected Dividends (M)	32.87	42.27	52.57	63.84	76.15	89.58	94.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.98%	8.98%	8.98%
Growth Rate	4.26%	5.26%	6.26%
Year 1 PV (M)	38.42	38.79	39.16
Year 2 PV (M)	43.43	44.27	45.11
Year 3 PV (M)	47.93	49.32	50.74
Year 4 PV (M)	51.96	53.98	56.06
Year 5 PV (M)	55.55	58.27	61.09
PV of Terminal Value (M)	982.97	1,031.02	1,080.93
Equity Value (M)	1,220.26	1,275.64	1,333.09
Shares Outstanding (M)	160.47	160.47	160.47
Fair Value	$7.60	$7.95	$8.31
Upside / Downside	322.45%	341.62%	361.51%

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Henderson High Income Trust plc (HHI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener