DDM Analysis: HLCL.L

Valuation Snapshot

Stable Growth	$1.57 - $2.07	$1.83
Multi-Stage	$3.70 - $4.10	$3.90
Blended Fair Value	$2.86
Current Price	$1.97
Upside	45.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-19.91%	-6.57%	0.03	0.12	0.11	0.10	0.09	0.10	0.09	0.08	0.03	0.12
YoY Growth	-	-	-72.09%	4.20%	10.01%	19.51%	-13.84%	7.13%	11.88%	185.89%	-75.30%	81.73%
Dividend Yield	-	-	1.66%	5.62%	3.75%	2.49%	2.07%	2.84%	2.75%	2.57%	0.93%	3.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53.99
(-) Cash Dividends Paid (M)	18.45
(=) Cash Retained (M)	35.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.80	6.75	4.05
Cash Retained (M)	35.54	35.54	35.54
(-) Cash Required (M)	-10.80	-6.75	-4.05
(=) Excess Retained (M)	24.74	28.79	31.49
(/) Shares Outstanding (M)	122.88	122.88	122.88
(=) Excess Retained per Share	0.20	0.23	0.26
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.20	0.23	0.26
(=) Adjusted Dividend	0.35	0.38	0.41
WACC / Discount Rate	8.23%	8.23%	8.23%
Growth Rate	-11.56%	-10.56%	-9.56%
Fair Value	$1.57	$1.83	$2.07
Upside / Downside	-20.26%	-7.11%	4.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53.99	48.29	43.19	38.63	34.56	30.91	31.84
Payout Ratio	34.17%	45.34%	56.50%	67.67%	78.83%	90.00%	92.50%
Projected Dividends (M)	18.45	21.89	24.41	26.14	27.24	27.82	29.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.23%	8.23%	8.23%
Growth Rate	-11.56%	-10.56%	-9.56%
Year 1 PV (M)	20.00	20.23	20.45
Year 2 PV (M)	20.37	20.83	21.30
Year 3 PV (M)	19.93	20.62	21.32
Year 4 PV (M)	18.98	19.85	20.75
Year 5 PV (M)	17.70	18.73	19.80
PV of Terminal Value (M)	358.03	378.73	400.38
Equity Value (M)	455.01	478.99	504.01
Shares Outstanding (M)	122.88	122.88	122.88
Fair Value	$3.70	$3.90	$4.10
Upside / Downside	87.96%	97.86%	108.20%

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Helical plc (HLCL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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