DDM Analysis: HIK.L

Valuation Snapshot

Stable Growth	$98.12 - $554.49	$179.30
Multi-Stage	$59.61 - $65.11	$62.31
Blended Fair Value	$120.80
Current Price	$27.30
Upside	342.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.53%	12.27%	0.78	0.61	0.56	0.54	0.49	0.43	0.38	0.35	0.34	0.29
YoY Growth	-	-	27.74%	9.60%	4.17%	10.09%	12.37%	15.48%	6.33%	2.60%	20.31%	16.36%
Dividend Yield	-	-	3.14%	2.69%	2.98%	1.79%	1.42%	1.65%	1.72%	2.36%	1.48%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	656.00
(-) Cash Dividends Paid (M)	336.00
(=) Cash Retained (M)	320.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	131.20	82.00	49.20
Cash Retained (M)	320.00	320.00	320.00
(-) Cash Required (M)	-131.20	-82.00	-49.20
(=) Excess Retained (M)	188.80	238.00	270.80
(/) Shares Outstanding (M)	223.30	223.30	223.30
(=) Excess Retained per Share	0.85	1.07	1.21
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	0.85	1.07	1.21
(=) Adjusted Dividend	2.35	2.57	2.72
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.12	$179.30	$554.49
Upside / Downside	259.43%	556.77%	1,931.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	656.00	698.64	744.05	792.41	843.92	898.78	925.74
Payout Ratio	51.22%	58.98%	66.73%	74.49%	82.24%	90.00%	92.50%
Projected Dividends (M)	336.00	412.03	496.52	590.25	694.07	808.90	856.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	377.83	381.41	384.99
Year 2 PV (M)	417.52	425.47	433.50
Year 3 PV (M)	455.15	468.21	481.53
Year 4 PV (M)	490.78	509.66	529.07
Year 5 PV (M)	524.51	549.84	576.14
PV of Terminal Value (M)	11,045.70	11,579.21	12,133.14
Equity Value (M)	13,311.49	13,913.81	14,538.38
Shares Outstanding (M)	223.30	223.30	223.30
Fair Value	$59.61	$62.31	$65.11
Upside / Downside	118.36%	128.24%	138.48%

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Hikma Pharmaceuticals PLC (HIK.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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