DDM Analysis: HYDROGEN.BK

Valuation Snapshot

Stable Growth	$6.03 - $9.00	$7.44
Multi-Stage	$11.13 - $12.27	$11.69
Blended Fair Value	$9.56
Current Price	$8.60
Upside	11.21%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022
DPS	0.00%	0.00%	0.00	0.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	2.41%	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)	152.28
(-) Cash Dividends Paid (M)	4.94
(=) Cash Retained (M)	147.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.46	19.04	11.42
Cash Retained (M)	147.34	147.34	147.34
(-) Cash Required (M)	-30.46	-19.04	-11.42
(=) Excess Retained (M)	116.88	128.30	135.92
(/) Shares Outstanding (M)	207.72	207.72	207.72
(=) Excess Retained per Share	0.56	0.62	0.65
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.56	0.62	0.65
(=) Adjusted Dividend	0.59	0.64	0.68
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.03	$7.44	$9.00
Upside / Downside	-29.93%	-13.51%	4.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	152.28	150.76	149.25	147.76	146.28	144.82	149.16
Payout Ratio	3.25%	20.60%	37.95%	55.30%	72.65%	90.00%	92.50%
Projected Dividends (M)	4.94	31.05	56.64	81.71	106.27	130.34	137.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.58	28.88	29.17
Year 2 PV (M)	47.99	48.98	49.97
Year 3 PV (M)	63.73	65.70	67.71
Year 4 PV (M)	76.30	79.47	82.73
Year 5 PV (M)	86.14	90.63	95.30
PV of Terminal Value (M)	2,009.75	2,114.41	2,223.37
Equity Value (M)	2,312.51	2,428.06	2,548.25
Shares Outstanding (M)	207.72	207.72	207.72
Fair Value	$11.13	$11.69	$12.27
Upside / Downside	29.45%	35.92%	42.65%

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HYDROGEN Freehold And Leasehold Real Estate Investment Trust (HYDROGEN.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener