DDM Analysis: LHSC.BK

Valuation Snapshot

Stable Growth	$27.55 - $54.17	$38.04
Multi-Stage	$42.15 - $46.24	$44.16
Blended Fair Value	$41.10
Current Price	$12.20
Upside	236.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.54%	0.00%	0.72	0.53	0.24	0.09	0.29	0.60	0.56	0.58	0.67	0.25
YoY Growth	-	-	35.85%	121.05%	153.33%	-67.03%	-52.55%	6.56%	-2.07%	-13.95%	165.67%	0.00%
Dividend Yield	-	-	5.92%	5.32%	2.09%	0.93%	2.50%	4.66%	3.32%	3.90%	4.75%	1.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,318.81
(-) Cash Dividends Paid (M)	779.34
(=) Cash Retained (M)	539.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	263.76	164.85	98.91
Cash Retained (M)	539.47	539.47	539.47
(-) Cash Required (M)	-263.76	-164.85	-98.91
(=) Excess Retained (M)	275.71	374.62	440.56
(/) Shares Outstanding (M)	778.06	778.06	778.06
(=) Excess Retained per Share	0.35	0.48	0.57
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	0.35	0.48	0.57
(=) Adjusted Dividend	1.36	1.48	1.57
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	1.49%	2.49%	3.49%
Fair Value	$27.55	$38.04	$54.17
Upside / Downside	125.80%	211.83%	343.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,318.81	1,351.59	1,385.18	1,419.62	1,454.90	1,491.07	1,535.80
Payout Ratio	59.09%	65.28%	71.46%	77.64%	83.82%	90.00%	92.50%
Projected Dividends (M)	779.34	882.25	989.80	1,102.16	1,219.48	1,341.96	1,420.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	1.49%	2.49%	3.49%
Year 1 PV (M)	820.47	828.56	836.64
Year 2 PV (M)	856.03	872.98	890.10
Year 3 PV (M)	886.44	912.91	939.89
Year 4 PV (M)	912.12	948.60	986.17
Year 5 PV (M)	933.44	980.34	1,029.11
PV of Terminal Value (M)	28,386.05	29,812.41	31,295.54
Equity Value (M)	32,794.55	34,355.80	35,977.45
Shares Outstanding (M)	778.06	778.06	778.06
Fair Value	$42.15	$44.16	$46.24
Upside / Downside	245.48%	261.93%	279.01%

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LH Shopping Centers Leasehold Real Estate Investment Trust (LHSC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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