DDM Analysis: HHRU.ME

Valuation Snapshot

Stable Growth	$727.36 - $1,043.81	$882.10
Multi-Stage	$1,023.80 - $1,125.66	$1,073.74
Blended Fair Value	$977.92
Current Price	$1,366.00
Upside	-28.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2015
DPS	0.66%	0.00%	62.87	40.57	36.88	22.17	0.00	60.83	0.00	0.00	0.00	0.00
YoY Growth	-	-	54.97%	10.00%	66.34%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.60%	1.78%	1.43%	1.19%	0.00%	3.25%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,294.93
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	5,294.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,058.99	661.87	397.12
Cash Retained (M)	5,294.93	5,294.93	5,294.93
(-) Cash Required (M)	-1,058.99	-661.87	-397.12
(=) Excess Retained (M)	4,235.94	4,633.06	4,897.81
(/) Shares Outstanding (M)	51.12	51.12	51.12
(=) Excess Retained per Share	82.86	90.63	95.81
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	82.86	90.63	95.81
(=) Adjusted Dividend	82.86	90.63	95.81
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	-1.34%	-0.34%	0.66%
Fair Value	$727.36	$882.10	$1,043.81
Upside / Downside	-46.75%	-35.42%	-23.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,294.93	5,277.03	5,259.19	5,241.41	5,223.70	5,206.04	5,362.22
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	949.87	1,893.31	2,830.36	3,761.06	4,685.43	4,960.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	-1.34%	-0.34%	0.66%
Year 1 PV (M)	855.62	864.29	872.96
Year 2 PV (M)	1,536.23	1,567.53	1,599.15
Year 3 PV (M)	2,068.69	2,132.23	2,197.06
Year 4 PV (M)	2,476.17	2,578.10	2,683.14
Year 5 PV (M)	2,778.68	2,922.38	3,071.97
PV of Terminal Value (M)	42,623.26	44,827.56	47,122.13
Equity Value (M)	52,338.65	54,892.09	57,546.40
Shares Outstanding (M)	51.12	51.12	51.12
Fair Value	$1,023.80	$1,073.74	$1,125.66
Upside / Downside	-25.05%	-21.40%	-17.59%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
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LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

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HeadHunter Group PLC (HHRU.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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