DDM Analysis: HHGC

Valuation Snapshot

Stable Growth	$2.83 - $4.44	$3.57
Multi-Stage	$6.89 - $7.59	$7.23
Blended Fair Value	$5.40
Current Price	$10.97
Upside	-50.78%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	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)	1.47
(-) Cash Dividends Paid (M)	0.47
(=) Cash Retained (M)	1.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.29	0.18	0.11
Cash Retained (M)	1.00	1.00	1.00
(-) Cash Required (M)	-0.29	-0.18	-0.11
(=) Excess Retained (M)	0.70	0.81	0.89
(/) Shares Outstanding (M)	5.07	5.07	5.07
(=) Excess Retained per Share	0.14	0.16	0.18
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.14	0.16	0.18
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	6.03%	6.03%	6.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.83	$3.57	$4.44
Upside / Downside	-74.24%	-67.49%	-59.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1.47	1.45	1.44	1.42	1.41	1.39	1.44
Payout Ratio	31.96%	43.56%	55.17%	66.78%	78.39%	90.00%	92.50%
Projected Dividends (M)	0.47	0.63	0.79	0.95	1.10	1.26	1.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.03%	6.03%	6.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	0.59	0.60	0.60
Year 2 PV (M)	0.69	0.71	0.72
Year 3 PV (M)	0.77	0.80	0.82
Year 4 PV (M)	0.84	0.87	0.91
Year 5 PV (M)	0.89	0.94	0.98
PV of Terminal Value (M)	31.11	32.73	34.42
Equity Value (M)	34.90	36.64	38.46
Shares Outstanding (M)	5.07	5.07	5.07
Fair Value	$6.89	$7.23	$7.59
Upside / Downside	-37.21%	-34.07%	-30.81%

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HHG Capital Corporation (HHGC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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