DDM Analysis: HLNG.OL

Valuation Snapshot

Stable Growth	$85.97 - $101.28	$94.92
Multi-Stage	$24.49 - $26.84	$25.65
Blended Fair Value	$60.28
Current Price	$2.21
Upside	2,627.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	0.00%	0.00	0.00	0.00	0.02	0.06	0.06	0.32	0.25	0.23	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	-75.00%	0.30%	-80.02%	25.61%	7.43%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.58%	6.23%	1.53%	5.94%	2.47%	2.19%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61.11
(-) Cash Dividends Paid (M)	25.00
(=) Cash Retained (M)	36.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.22	7.64	4.58
Cash Retained (M)	36.11	36.11	36.11
(-) Cash Required (M)	-12.22	-7.64	-4.58
(=) Excess Retained (M)	23.89	28.47	31.53
(/) Shares Outstanding (M)	120.00	120.00	120.00
(=) Excess Retained per Share	0.20	0.24	0.26
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.20	0.24	0.26
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	5.17%	5.17%	5.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$85.97	$94.92	$101.28
Upside / Downside	3,789.91%	4,194.92%	4,482.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61.11	65.09	69.32	73.82	78.62	83.73	86.24
Payout Ratio	40.91%	50.73%	60.54%	70.36%	80.18%	90.00%	92.50%
Projected Dividends (M)	25.00	33.02	41.97	51.94	63.04	75.36	79.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.17%	5.17%	5.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31.10	31.39	31.69
Year 2 PV (M)	37.23	37.94	38.66
Year 3 PV (M)	43.40	44.65	45.92
Year 4 PV (M)	49.62	51.52	53.49
Year 5 PV (M)	55.86	58.56	61.36
PV of Terminal Value (M)	2,721.96	2,853.43	2,989.93
Equity Value (M)	2,939.17	3,077.50	3,221.04
Shares Outstanding (M)	120.00	120.00	120.00
Fair Value	$24.49	$25.65	$26.84
Upside / Downside	1,008.28%	1,060.44%	1,114.57%

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Höegh LNG Holdings Ltd. (HLNG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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