DDM Analysis: HPS-A.TO

Valuation Snapshot

Stable Growth	$145.88 - $356.36	$217.33
Multi-Stage	$101.39 - $110.81	$106.01
Blended Fair Value	$161.67
Current Price	$125.43
Upside	28.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.70%	15.28%	0.97	0.55	0.38	0.34	0.34	0.28	0.24	0.24	0.24	0.24
YoY Growth	-	-	77.26%	43.72%	13.64%	0.40%	21.48%	16.64%	0.32%	0.04%	0.04%	0.25%
Dividend Yield	-	-	1.28%	0.38%	1.00%	2.68%	3.35%	4.32%	3.31%	2.58%	3.64%	3.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.59
(-) Cash Dividends Paid (M)	13.09
(=) Cash Retained (M)	66.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.92	9.95	5.97
Cash Retained (M)	66.50	66.50	66.50
(-) Cash Required (M)	-15.92	-9.95	-5.97
(=) Excess Retained (M)	50.58	56.55	60.53
(/) Shares Outstanding (M)	11.92	11.92	11.92
(=) Excess Retained per Share	4.24	4.74	5.08
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	4.24	4.74	5.08
(=) Adjusted Dividend	5.34	5.84	6.18
WACC / Discount Rate	9.36%	9.36%	9.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$145.88	$217.33	$356.36
Upside / Downside	16.31%	73.27%	184.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.59	84.76	90.27	96.14	102.39	109.04	112.31
Payout Ratio	16.45%	31.16%	45.87%	60.58%	75.29%	90.00%	92.50%
Projected Dividends (M)	13.09	26.41	41.41	58.24	77.09	98.14	103.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.36%	9.36%	9.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.92	24.15	24.38
Year 2 PV (M)	33.97	34.62	35.27
Year 3 PV (M)	43.28	44.53	45.79
Year 4 PV (M)	51.89	53.89	55.94
Year 5 PV (M)	59.84	62.73	65.73
PV of Terminal Value (M)	995.50	1,043.59	1,093.51
Equity Value (M)	1,208.41	1,263.50	1,320.62
Shares Outstanding (M)	11.92	11.92	11.92
Fair Value	$101.39	$106.01	$110.81
Upside / Downside	-19.17%	-15.48%	-11.66%

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Hammond Power Solutions Inc. (HPS-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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