DDM Analysis: JHD.L

Valuation Snapshot

Stable Growth	$2.15 - $3.40	$2.72
Multi-Stage	$2.73 - $2.98	$2.85
Blended Fair Value	$2.79
Current Price	$1.73
Upside	61.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.89%	6.31%	0.08	0.08	0.08	0.08	0.06	0.07	0.07	0.06	0.10	0.05
YoY Growth	-	-	6.46%	0.00%	-5.24%	35.06%	-11.16%	4.26%	7.10%	-36.19%	89.66%	12.78%
Dividend Yield	-	-	4.58%	3.67%	3.82%	3.15%	2.34%	2.70%	3.25%	2.61%	4.67%	2.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	86.85
(-) Cash Dividends Paid (M)	68.77
(=) Cash Retained (M)	18.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.37	10.86	6.51
Cash Retained (M)	18.08	18.08	18.08
(-) Cash Required (M)	-17.37	-10.86	-6.51
(=) Excess Retained (M)	0.71	7.23	11.57
(/) Shares Outstanding (M)	416.78	416.78	416.78
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	1.89%	2.89%	3.89%
Fair Value	$2.15	$2.72	$3.40
Upside / Downside	24.38%	57.31%	96.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	86.85	89.36	91.95	94.61	97.35	100.17	103.17
Payout Ratio	79.18%	81.34%	83.51%	85.67%	87.84%	90.00%	92.50%
Projected Dividends (M)	68.77	72.69	76.78	81.05	85.51	90.15	95.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	1.89%	2.89%	3.89%
Year 1 PV (M)	65.57	66.21	66.85
Year 2 PV (M)	62.47	63.70	64.95
Year 3 PV (M)	59.48	61.25	63.05
Year 4 PV (M)	56.60	58.86	61.18
Year 5 PV (M)	53.83	56.52	59.32
PV of Terminal Value (M)	839.44	881.45	925.12
Equity Value (M)	1,137.38	1,187.98	1,240.47
Shares Outstanding (M)	416.78	416.78	416.78
Fair Value	$2.73	$2.85	$2.98
Upside / Downside	57.74%	64.76%	72.04%

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James Halstead plc (JHD.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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