DDM Analysis: LHPF.BK

Valuation Snapshot

Stable Growth	$1.60 - $2.03	$1.83
Multi-Stage	$4.43 - $4.97	$4.69
Blended Fair Value	$3.26
Current Price	$5.15
Upside	-36.66%
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	0.00%	0.00%	0.00	0.40	0.25	0.20	0.26	0.52	0.52	0.53	0.75	0.70
YoY Growth	-	-	-100.00%	60.00%	25.00%	-24.53%	-49.22%	-0.60%	-0.94%	-29.40%	7.30%	0.05%
Dividend Yield	-	-	0.00%	6.96%	3.82%	3.33%	5.05%	9.00%	6.36%	6.06%	8.34%	7.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	251.41
(-) Cash Dividends Paid (M)	72.77
(=) Cash Retained (M)	178.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.28	31.43	18.86
Cash Retained (M)	178.65	178.65	178.65
(-) Cash Required (M)	-50.28	-31.43	-18.86
(=) Excess Retained (M)	128.37	147.22	159.79
(/) Shares Outstanding (M)	330.00	330.00	330.00
(=) Excess Retained per Share	0.39	0.45	0.48
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.39	0.45	0.48
(=) Adjusted Dividend	0.61	0.67	0.70
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-22.48%	-21.48%	-20.48%
Fair Value	$1.60	$1.83	$2.03
Upside / Downside	-69.01%	-64.46%	-60.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	251.41	197.40	154.99	121.69	95.54	75.02	77.27
Payout Ratio	28.94%	41.15%	53.37%	65.58%	77.79%	90.00%	92.50%
Projected Dividends (M)	72.77	81.24	82.71	79.80	74.32	67.51	71.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-22.48%	-21.48%	-20.48%
Year 1 PV (M)	74.88	75.84	76.81
Year 2 PV (M)	70.26	72.09	73.94
Year 3 PV (M)	62.48	64.93	67.44
Year 4 PV (M)	53.64	56.46	59.39
Year 5 PV (M)	44.91	47.88	51.01
PV of Terminal Value (M)	1,155.42	1,231.89	1,312.37
Equity Value (M)	1,461.58	1,549.09	1,640.95
Shares Outstanding (M)	330.00	330.00	330.00
Fair Value	$4.43	$4.69	$4.97
Upside / Downside	-14.00%	-8.85%	-3.44%

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BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
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ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
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CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
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Land and Houses Freehold and Leasehold Property Fund (LHPF.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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