DDM Analysis: HBH.DE

Valuation Snapshot

Stable Growth	$257.30 - $876.64	$422.22
Multi-Stage	$237.42 - $260.28	$248.63
Blended Fair Value	$335.43
Current Price	$88.90
Upside	277.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.71%	8.86%	2.50	2.41	2.41	2.01	1.50	1.50	1.83	1.83	1.83	1.07
YoY Growth	-	-	4.00%	-0.04%	20.00%	33.33%	0.00%	-17.58%	0.00%	0.00%	70.52%	0.00%
Dividend Yield	-	-	2.82%	3.11%	3.64%	1.71%	1.66%	2.30%	4.12%	2.78%	2.54%	1.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151.28
(-) Cash Dividends Paid (M)	39.92
(=) Cash Retained (M)	111.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.26	18.91	11.35
Cash Retained (M)	111.36	111.36	111.36
(-) Cash Required (M)	-30.26	-18.91	-11.35
(=) Excess Retained (M)	81.11	92.45	100.02
(/) Shares Outstanding (M)	15.95	15.95	15.95
(=) Excess Retained per Share	5.09	5.80	6.27
LTM Dividend per Share	2.50	2.50	2.50
(+) Excess Retained per Share	5.09	5.80	6.27
(=) Adjusted Dividend	7.59	8.30	8.77
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	3.67%	4.67%	5.67%
Fair Value	$257.30	$422.22	$876.64
Upside / Downside	189.42%	374.94%	886.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151.28	158.34	165.74	173.48	181.58	190.06	195.76
Payout Ratio	26.39%	39.11%	51.83%	64.55%	77.28%	90.00%	92.50%
Projected Dividends (M)	39.92	61.93	85.91	111.99	140.32	171.05	181.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	3.67%	4.67%	5.67%
Year 1 PV (M)	57.47	58.02	58.58
Year 2 PV (M)	73.98	75.42	76.86
Year 3 PV (M)	89.50	92.12	94.78
Year 4 PV (M)	104.07	108.15	112.34
Year 5 PV (M)	117.73	123.52	129.54
PV of Terminal Value (M)	3,343.47	3,507.87	3,678.67
Equity Value (M)	3,786.23	3,965.10	4,150.77
Shares Outstanding (M)	15.95	15.95	15.95
Fair Value	$237.42	$248.63	$260.28
Upside / Downside	167.06%	179.68%	192.78%

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HORNBACH Holding AG & Co. KGaA (HBH.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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