DDM Analysis: HVO.L

Valuation Snapshot

Stable Growth	$0.23 - $0.33	$0.28
Multi-Stage	$0.36 - $0.39	$0.37
Blended Fair Value	$0.33
Current Price	$0.21
Upside	58.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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	-	-	-55.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.96%	1.86%	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)	22.73
(-) Cash Dividends Paid (M)	2.73
(=) Cash Retained (M)	20.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.55	2.84	1.70
Cash Retained (M)	20.00	20.00	20.00
(-) Cash Required (M)	-4.55	-2.84	-1.70
(=) Excess Retained (M)	15.45	17.16	18.29
(/) Shares Outstanding (M)	689.65	689.65	689.65
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	9.29%	9.29%	9.29%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.23	$0.28	$0.33
Upside / Downside	11.69%	35.40%	60.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.73	22.50	22.28	22.05	21.83	21.62	22.26
Payout Ratio	12.02%	27.62%	43.21%	58.81%	74.40%	90.00%	92.50%
Projected Dividends (M)	2.73	6.21	9.63	12.97	16.24	19.45	20.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.29%	9.29%	9.29%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.63	5.69	5.74
Year 2 PV (M)	7.90	8.06	8.22
Year 3 PV (M)	9.64	9.94	10.24
Year 4 PV (M)	10.94	11.39	11.86
Year 5 PV (M)	11.86	12.48	13.12
PV of Terminal Value (M)	199.79	210.19	221.03
Equity Value (M)	245.75	257.74	270.21
Shares Outstanding (M)	689.65	689.65	689.65
Fair Value	$0.36	$0.37	$0.39
Upside / Downside	73.83%	82.31%	91.13%

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hVIVO plc (HVO.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener