DDM Analysis: HEM.ST

Valuation Snapshot

Stable Growth	$47.47 - $71.27	$58.74
Multi-Stage	$92.65 - $101.96	$97.21
Blended Fair Value	$77.98
Current Price	$236.80
Upside	-67.07%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-1.62%	0.00%	1.21	1.03	0.58	0.00	0.00	1.31	0.00	0.00	0.00	0.00
YoY Growth	-	-	17.55%	76.26%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.36%	0.31%	0.33%	0.00%	0.00%	0.74%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	539.20
(-) Cash Dividends Paid (M)	161.60
(=) Cash Retained (M)	377.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.84	67.40	40.44
Cash Retained (M)	377.60	377.60	377.60
(-) Cash Required (M)	-107.84	-67.40	-40.44
(=) Excess Retained (M)	269.76	310.20	337.16
(/) Shares Outstanding (M)	95.40	95.40	95.40
(=) Excess Retained per Share	2.83	3.25	3.53
LTM Dividend per Share	1.69	1.69	1.69
(+) Excess Retained per Share	2.83	3.25	3.53
(=) Adjusted Dividend	4.52	4.95	5.23
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$47.47	$58.74	$71.27
Upside / Downside	-79.95%	-75.19%	-69.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	539.20	533.81	528.47	523.19	517.95	512.77	528.16
Payout Ratio	29.97%	41.98%	53.98%	65.99%	77.99%	90.00%	92.50%
Projected Dividends (M)	161.60	224.07	285.28	345.24	403.97	461.50	488.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	206.65	208.76	210.87
Year 2 PV (M)	242.64	247.62	252.65
Year 3 PV (M)	270.81	279.19	287.73
Year 4 PV (M)	292.24	304.36	316.84
Year 5 PV (M)	307.90	323.93	340.63
PV of Terminal Value (M)	7,518.53	7,910.04	8,317.69
Equity Value (M)	8,838.78	9,273.90	9,726.41
Shares Outstanding (M)	95.40	95.40	95.40
Fair Value	$92.65	$97.21	$101.96
Upside / Downside	-60.87%	-58.95%	-56.94%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

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Hemnet Group AB (publ) (HEM.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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