DDM Analysis: WHG

Valuation Snapshot

Stable Growth	$5.63 - $8.07	$6.82
Multi-Stage	$12.41 - $13.64	$13.01
Blended Fair Value	$9.92
Current Price	$16.49
Upside	-39.86%
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	-26.91%	-9.00%	0.62	0.63	0.64	2.62	1.26	2.98	2.81	2.50	2.22	1.90
YoY Growth	-	-	-1.13%	-2.19%	-75.47%	107.66%	-57.67%	5.96%	12.31%	12.76%	16.99%	19.03%
Dividend Yield	-	-	3.83%	4.80%	5.73%	17.08%	8.71%	16.26%	7.82%	4.43%	4.15%	3.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7.25
(-) Cash Dividends Paid (M)	5.35
(=) Cash Retained (M)	1.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.45	0.91	0.54
Cash Retained (M)	1.90	1.90	1.90
(-) Cash Required (M)	-1.45	-0.91	-0.54
(=) Excess Retained (M)	0.45	1.00	1.36
(/) Shares Outstanding (M)	8.76	8.76	8.76
(=) Excess Retained per Share	0.05	0.11	0.16
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.05	0.11	0.16
(=) Adjusted Dividend	0.66	0.72	0.77
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	-3.77%	-2.77%	-1.77%
Fair Value	$5.63	$6.82	$8.07
Upside / Downside	-65.88%	-58.64%	-51.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.25	7.05	6.86	6.67	6.48	6.30	6.49
Payout Ratio	73.76%	77.01%	80.26%	83.50%	86.75%	90.00%	92.50%
Projected Dividends (M)	5.35	5.43	5.50	5.57	5.62	5.67	6.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	-3.77%	-2.77%	-1.77%
Year 1 PV (M)	5.00	5.05	5.10
Year 2 PV (M)	4.66	4.76	4.85
Year 3 PV (M)	4.34	4.47	4.61
Year 4 PV (M)	4.03	4.20	4.38
Year 5 PV (M)	3.74	3.94	4.15
PV of Terminal Value (M)	87.00	91.62	96.43
Equity Value (M)	108.77	114.04	119.52
Shares Outstanding (M)	8.76	8.76	8.76
Fair Value	$12.41	$13.01	$13.64
Upside / Downside	-24.73%	-21.08%	-17.29%

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Westwood Holdings Group, Inc. (WHG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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