DDM Analysis: HAEK.DE

Valuation Snapshot

Stable Growth	$14.67 - $21.68	$18.03
Multi-Stage	$55.78 - $61.58	$58.62
Blended Fair Value	$38.32
Current Price	$23.00
Upside	66.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-2.70%	24.08%	1.10	0.53	0.00	0.44	1.27	1.27	1.02	1.20	1.20	0.65
YoY Growth	-	-	108.32%	0.00%	-100.00%	-65.35%	0.00%	24.39%	-14.97%	0.01%	82.97%	412.34%
Dividend Yield	-	-	6.73%	2.21%	0.00%	1.48%	2.68%	2.48%	1.58%	2.44%	2.85%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.97
(-) Cash Dividends Paid (M)	8.51
(=) Cash Retained (M)	1.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.99	1.25	0.75
Cash Retained (M)	1.46	1.46	1.46
(-) Cash Required (M)	-1.99	-1.25	-0.75
(=) Excess Retained (M)	-0.54	0.21	0.71
(/) Shares Outstanding (M)	5.21	5.21	5.21
(=) Excess Retained per Share	-0.10	0.04	0.14
LTM Dividend per Share	1.63	1.63	1.63
(+) Excess Retained per Share	-0.10	0.04	0.14
(=) Adjusted Dividend	1.53	1.67	1.77
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	-4.70%	-3.70%	-2.70%
Fair Value	$14.67	$18.03	$21.68
Upside / Downside	-36.22%	-21.63%	-5.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.97	9.60	9.25	8.90	8.57	8.26	8.50
Payout Ratio	85.37%	86.29%	87.22%	88.15%	89.07%	90.00%	92.50%
Projected Dividends (M)	8.51	8.28	8.06	7.85	7.64	7.43	7.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	-4.70%	-3.70%	-2.70%
Year 1 PV (M)	7.79	7.87	7.95
Year 2 PV (M)	7.13	7.28	7.43
Year 3 PV (M)	6.52	6.73	6.94
Year 4 PV (M)	5.97	6.22	6.49
Year 5 PV (M)	5.46	5.76	6.06
PV of Terminal Value (M)	257.77	271.58	285.98
Equity Value (M)	290.65	305.44	320.85
Shares Outstanding (M)	5.21	5.21	5.21
Fair Value	$55.78	$58.62	$61.58
Upside / Downside	142.53%	154.88%	167.74%

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Haemato AG (HAEK.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener