DDM Analysis: JHS

Valuation Snapshot

Stable Growth	$5.62 - $7.89	$6.75
Multi-Stage	$17.29 - $19.06	$18.16
Blended Fair Value	$12.45
Current Price	$11.36
Upside	9.60%
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	-6.88%	-6.97%	0.47	0.41	0.92	0.88	0.75	0.67	0.74	0.81	0.85	0.90
YoY Growth	-	-	12.52%	-54.96%	4.23%	17.60%	12.70%	-9.91%	-8.70%	-4.83%	-5.69%	-6.05%
Dividend Yield	-	-	4.09%	4.23%	8.78%	5.73%	4.86%	4.57%	5.63%	5.47%	5.97%	6.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10.96
(-) Cash Dividends Paid (M)	10.40
(=) Cash Retained (M)	0.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.19	1.37	0.82
Cash Retained (M)	0.56	0.56	0.56
(-) Cash Required (M)	-2.19	-1.37	-0.82
(=) Excess Retained (M)	-1.63	-0.81	-0.26
(/) Shares Outstanding (M)	11.65	11.65	11.65
(=) Excess Retained per Share	-0.14	-0.07	-0.02
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	-0.14	-0.07	-0.02
(=) Adjusted Dividend	0.75	0.82	0.87
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-6.21%	-5.21%	-4.21%
Fair Value	$5.62	$6.75	$7.89
Upside / Downside	-50.55%	-40.61%	-30.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10.96	10.38	9.84	9.33	8.84	8.38	8.63
Payout Ratio	94.90%	93.92%	92.94%	91.96%	90.98%	90.00%	92.50%
Projected Dividends (M)	10.40	9.75	9.15	8.58	8.05	7.54	7.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-6.21%	-5.21%	-4.21%
Year 1 PV (M)	9.07	9.17	9.27
Year 2 PV (M)	7.92	8.09	8.26
Year 3 PV (M)	6.91	7.13	7.36
Year 4 PV (M)	6.03	6.29	6.56
Year 5 PV (M)	5.26	5.54	5.84
PV of Terminal Value (M)	166.17	175.22	184.66
Equity Value (M)	201.36	211.44	221.95
Shares Outstanding (M)	11.65	11.65	11.65
Fair Value	$17.29	$18.16	$19.06
Upside / Downside	52.19%	59.82%	67.76%

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300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
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

Fundamentals

Valuations

Miscellaneous

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Ticker

Industry

Sector

John Hancock Income Securities Trust (JHS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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