DDM Analysis: HBEL.BO

Valuation Snapshot

Stable Growth	$132.74 - $296.90	$278.24
Multi-Stage	$44.40 - $48.60	$46.46
Blended Fair Value	$162.35
Current Price	$92.00
Upside	76.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.55	0.00	0.00	0.11	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	1.37%	0.00%	0.00%	1.06%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.03
(-) Cash Dividends Paid (M)	1.84
(=) Cash Retained (M)	3.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.01	0.63	0.38
Cash Retained (M)	3.19	3.19	3.19
(-) Cash Required (M)	-1.01	-0.63	-0.38
(=) Excess Retained (M)	2.19	2.57	2.82
(/) Shares Outstanding (M)	3.37	3.37	3.37
(=) Excess Retained per Share	0.65	0.76	0.84
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	0.65	0.76	0.84
(=) Adjusted Dividend	1.19	1.31	1.38
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$132.74	$278.24	$296.90
Upside / Downside	44.28%	202.43%	222.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.03	5.36	5.71	6.08	6.48	6.90	7.10
Payout Ratio	36.54%	47.23%	57.92%	68.61%	79.31%	90.00%	92.50%
Projected Dividends (M)	1.84	2.53	3.31	4.17	5.14	6.21	6.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2.36	2.38	2.40
Year 2 PV (M)	2.86	2.92	2.97
Year 3 PV (M)	3.36	3.46	3.56
Year 4 PV (M)	3.85	4.00	4.15
Year 5 PV (M)	4.33	4.54	4.76
PV of Terminal Value (M)	132.94	139.36	146.03
Equity Value (M)	149.70	156.66	163.87
Shares Outstanding (M)	3.37	3.37	3.37
Fair Value	$44.40	$46.46	$48.60
Upside / Downside	-51.74%	-49.50%	-47.17%

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Humming Bird Education Limited (HBEL.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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