DDM Analysis: FHB

Valuation Snapshot

Stable Growth	$13.64 - $19.42	$16.48
Multi-Stage	$24.22 - $26.58	$25.38
Blended Fair Value	$20.93
Current Price	$24.83
Upside	-15.70%
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	-0.80%	-3.65%	1.05	1.05	1.05	1.06	1.07	1.09	1.04	0.99	3.53	1.30
YoY Growth	-	-	0.11%	0.04%	-1.15%	-0.72%	-2.28%	5.50%	4.89%	-72.05%	172.18%	-14.70%
Dividend Yield	-	-	4.29%	4.87%	5.08%	3.80%	3.90%	6.61%	3.91%	3.55%	11.81%	5.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	258.83
(-) Cash Dividends Paid (M)	131.94
(=) Cash Retained (M)	126.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.77	32.35	19.41
Cash Retained (M)	126.89	126.89	126.89
(-) Cash Required (M)	-51.77	-32.35	-19.41
(=) Excess Retained (M)	75.13	94.54	107.48
(/) Shares Outstanding (M)	126.53	126.53	126.53
(=) Excess Retained per Share	0.59	0.75	0.85
LTM Dividend per Share	1.04	1.04	1.04
(+) Excess Retained per Share	0.59	0.75	0.85
(=) Adjusted Dividend	1.64	1.79	1.89
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.80%	-1.80%	-0.80%
Fair Value	$13.64	$16.48	$19.42
Upside / Downside	-45.07%	-33.61%	-21.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	258.83	254.17	249.59	245.10	240.68	236.35	243.44
Payout Ratio	50.97%	58.78%	66.58%	74.39%	82.19%	90.00%	92.50%
Projected Dividends (M)	131.94	149.40	166.19	182.33	197.83	212.71	225.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.80%	-1.80%	-0.80%
Year 1 PV (M)	135.84	137.24	138.64
Year 2 PV (M)	137.39	140.23	143.11
Year 3 PV (M)	137.05	141.33	145.69
Year 4 PV (M)	135.21	140.86	146.69
Year 5 PV (M)	132.19	139.13	146.36
PV of Terminal Value (M)	2,387.16	2,512.51	2,643.07
Equity Value (M)	3,064.84	3,211.30	3,363.54
Shares Outstanding (M)	126.53	126.53	126.53
Fair Value	$24.22	$25.38	$26.58
Upside / Downside	-2.45%	2.21%	7.06%

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First Hawaiian, Inc. (FHB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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