DDM Analysis: HNI

Valuation Snapshot

Stable Growth	$33.97 - $55.73	$43.66
Multi-Stage	$43.48 - $47.59	$45.49
Blended Fair Value	$44.58
Current Price	$46.10
Upside	-3.30%
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	4.02%	3.68%	1.33	1.23	1.12	1.13	1.09	1.10	1.07	1.04	1.02	0.97
YoY Growth	-	-	8.72%	9.96%	-1.02%	3.17%	-0.26%	2.25%	3.08%	2.19%	4.68%	4.51%
Dividend Yield	-	-	2.99%	2.72%	4.01%	3.05%	2.76%	4.37%	2.95%	2.88%	2.21%	2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	141.60
(-) Cash Dividends Paid (M)	63.20
(=) Cash Retained (M)	78.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.32	17.70	10.62
Cash Retained (M)	78.40	78.40	78.40
(-) Cash Required (M)	-28.32	-17.70	-10.62
(=) Excess Retained (M)	50.08	60.70	67.78
(/) Shares Outstanding (M)	47.68	47.68	47.68
(=) Excess Retained per Share	1.05	1.27	1.42
LTM Dividend per Share	1.33	1.33	1.33
(+) Excess Retained per Share	1.05	1.27	1.42
(=) Adjusted Dividend	2.38	2.60	2.75
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	1.68%	2.68%	3.68%
Fair Value	$33.97	$43.66	$55.73
Upside / Downside	-26.31%	-5.28%	20.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	141.60	145.39	149.28	153.27	157.38	161.59	166.43
Payout Ratio	44.63%	53.71%	62.78%	71.85%	80.93%	90.00%	92.50%
Projected Dividends (M)	63.20	78.08	93.72	110.13	127.36	145.43	153.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	1.68%	2.68%	3.68%
Year 1 PV (M)	71.08	71.78	72.47
Year 2 PV (M)	77.65	79.19	80.74
Year 3 PV (M)	83.07	85.54	88.07
Year 4 PV (M)	87.44	90.93	94.53
Year 5 PV (M)	90.89	95.45	100.19
PV of Terminal Value (M)	1,662.58	1,745.96	1,832.66
Equity Value (M)	2,072.71	2,168.85	2,268.65
Shares Outstanding (M)	47.68	47.68	47.68
Fair Value	$43.48	$45.49	$47.59
Upside / Downside	-5.69%	-1.32%	3.22%

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HNI Corporation (HNI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener