DDM Analysis: HPS-A.TO

Valuation Snapshot

Stable Growth	$1,127.19 - $1,328.02	$1,244.55
Multi-Stage	$757.23 - $831.12	$793.49
Blended Fair Value	$1,019.02
Current Price	$125.43
Upside	712.42%
Decision	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	2.50%	2.50%	2.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,127.19	$1,244.55	$1,328.02
Upside / Downside	798.66%	892.23%	958.77%

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	2.50%	2.50%	2.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25.52	25.77	26.01
Year 2 PV (M)	38.67	39.41	40.15
Year 3 PV (M)	52.57	54.08	55.62
Year 4 PV (M)	67.24	69.83	72.49
Year 5 PV (M)	82.73	86.73	90.88
PV of Terminal Value (M)	8,758.28	9,181.31	9,620.53
Equity Value (M)	9,025.03	9,457.13	9,905.68
Shares Outstanding (M)	11.92	11.92	11.92
Fair Value	$757.23	$793.49	$831.12
Upside / Downside	503.71%	532.62%	562.62%

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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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