DDM Analysis: HAN.L

Valuation Snapshot

Stable Growth	$5.12 - $7.25	$6.17
Multi-Stage	$7.49 - $8.23	$7.85
Blended Fair Value	$7.01
Current Price	$2.14
Upside	227.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.92%	-1.69%	0.03	0.03	0.03	0.03	0.03	0.02	0.03	0.03	0.03	0.03
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	33.33%	-25.00%	0.29%	-0.29%	0.00%	-15.70%
Dividend Yield	-	-	1.50%	1.56%	1.90%	1.66%	1.64%	1.77%	1.64%	1.63%	1.89%	2.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.78
(-) Cash Dividends Paid (M)	7.68
(=) Cash Retained (M)	86.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.76	11.72	7.03
Cash Retained (M)	86.10	86.10	86.10
(-) Cash Required (M)	-18.76	-11.72	-7.03
(=) Excess Retained (M)	67.34	74.38	79.07
(/) Shares Outstanding (M)	119.73	119.73	119.73
(=) Excess Retained per Share	0.56	0.62	0.66
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.56	0.62	0.66
(=) Adjusted Dividend	0.63	0.69	0.72
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.12	$6.17	$7.25
Upside / Downside	139.12%	188.23%	238.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.78	92.84	91.91	90.99	90.08	89.18	91.86
Payout Ratio	8.19%	24.55%	40.91%	57.28%	73.64%	90.00%	92.50%
Projected Dividends (M)	7.68	22.79	37.61	52.12	66.34	80.27	84.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.51	20.72	20.93
Year 2 PV (M)	30.45	31.08	31.71
Year 3 PV (M)	37.98	39.16	40.36
Year 4 PV (M)	43.51	45.31	47.17
Year 5 PV (M)	47.37	49.84	52.41
PV of Terminal Value (M)	716.40	753.71	792.55
Equity Value (M)	896.23	939.81	985.12
Shares Outstanding (M)	119.73	119.73	119.73
Fair Value	$7.49	$7.85	$8.23
Upside / Downside	249.78%	266.79%	284.47%

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Hansa Investment Company Limited (HAN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener