DDM Analysis: HMN

Valuation Snapshot

Stable Growth	$60.23 - $113.95	$81.97
Multi-Stage	$93.20 - $102.35	$97.69
Blended Fair Value	$89.83
Current Price	$42.97
Upside	109.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.25%	3.53%	1.33	1.30	1.27	1.24	1.19	1.14	1.12	1.11	1.07	1.02
YoY Growth	-	-	2.97%	2.47%	2.33%	3.59%	4.90%	1.31%	1.25%	4.07%	4.20%	8.37%
Dividend Yield	-	-	3.12%	3.55%	3.78%	2.96%	2.76%	3.11%	3.14%	2.59%	2.60%	3.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	164.10
(-) Cash Dividends Paid (M)	56.70
(=) Cash Retained (M)	107.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.82	20.51	12.31
Cash Retained (M)	107.40	107.40	107.40
(-) Cash Required (M)	-32.82	-20.51	-12.31
(=) Excess Retained (M)	74.58	86.89	95.09
(/) Shares Outstanding (M)	41.58	41.58	41.58
(=) Excess Retained per Share	1.79	2.09	2.29
LTM Dividend per Share	1.36	1.36	1.36
(+) Excess Retained per Share	1.79	2.09	2.29
(=) Adjusted Dividend	3.16	3.45	3.65
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	1.25%	2.25%	3.25%
Fair Value	$60.23	$81.97	$113.95
Upside / Downside	40.17%	90.76%	165.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	164.10	167.79	171.56	175.42	179.37	183.40	188.91
Payout Ratio	34.55%	45.64%	56.73%	67.82%	78.91%	90.00%	92.50%
Projected Dividends (M)	56.70	76.58	97.33	118.97	141.54	165.06	174.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	1.25%	2.25%	3.25%
Year 1 PV (M)	71.17	71.87	72.57
Year 2 PV (M)	84.05	85.72	87.41
Year 3 PV (M)	95.48	98.33	101.25
Year 4 PV (M)	105.55	109.79	114.14
Year 5 PV (M)	114.39	120.15	126.14
PV of Terminal Value (M)	3,404.13	3,575.59	3,753.89
Equity Value (M)	3,874.77	4,061.45	4,255.40
Shares Outstanding (M)	41.58	41.58	41.58
Fair Value	$93.20	$97.69	$102.35
Upside / Downside	116.89%	127.34%	138.20%

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600409.SS	Tangshan Sanyou Chemical Industries Co.,Ltd	1.43%	$0.09	81.03%
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Financial Statements

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Sector

Horace Mann Educators Corporation (HMN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener