DDM Analysis: HMN

Valuation Snapshot

Stable Growth	$52.90 - $93.22	$70.01
Multi-Stage	$76.62 - $84.08	$80.28
Blended Fair Value	$75.15
Current Price	$42.97
Upside	74.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.25%	3.53%	1.33	1.30	1.27	1.24	1.19	1.14	1.12	1.11	1.07	1.02
YoY Growth	-	-	2.97%	2.47%	2.33%	3.59%	4.90%	1.31%	1.25%	4.07%	4.20%	8.37%
Dividend Yield	-	-	3.12%	3.55%	3.78%	2.96%	2.76%	3.11%	3.14%	2.59%	2.60%	3.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	164.10
(-) Cash Dividends Paid (M)	56.70
(=) Cash Retained (M)	107.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.82	20.51	12.31
Cash Retained (M)	107.40	107.40	107.40
(-) Cash Required (M)	-32.82	-20.51	-12.31
(=) Excess Retained (M)	74.58	86.89	95.09
(/) Shares Outstanding (M)	41.58	41.58	41.58
(=) Excess Retained per Share	1.79	2.09	2.29
LTM Dividend per Share	1.36	1.36	1.36
(+) Excess Retained per Share	1.79	2.09	2.29
(=) Adjusted Dividend	3.16	3.45	3.65
WACC / Discount Rate	7.29%	7.29%	7.29%
Growth Rate	1.25%	2.25%	3.25%
Fair Value	$52.90	$70.01	$93.22
Upside / Downside	23.10%	62.93%	116.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	164.10	167.79	171.56	175.42	179.37	183.40	188.91
Payout Ratio	34.55%	45.64%	56.73%	67.82%	78.91%	90.00%	92.50%
Projected Dividends (M)	56.70	76.58	97.33	118.97	141.54	165.06	174.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.29%	7.29%	7.29%
Growth Rate	1.25%	2.25%	3.25%
Year 1 PV (M)	70.68	71.38	72.08
Year 2 PV (M)	82.90	84.55	86.21
Year 3 PV (M)	93.53	96.32	99.18
Year 4 PV (M)	102.69	106.81	111.05
Year 5 PV (M)	110.52	116.09	121.88
PV of Terminal Value (M)	2,725.36	2,862.63	3,005.38
Equity Value (M)	3,185.68	3,337.77	3,495.76
Shares Outstanding (M)	41.58	41.58	41.58
Fair Value	$76.62	$80.28	$84.08
Upside / Downside	78.32%	86.84%	95.68%

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603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
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Financial Statements

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Ticker

Industry

Sector

Horace Mann Educators Corporation (HMN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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