DDM Analysis: HIE

Valuation Snapshot

Stable Growth	$9.38 - $13.74	$11.48
Multi-Stage	$17.77 - $19.45	$18.59
Blended Fair Value	$15.04
Current Price	$10.94
Upside	37.44%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	-9.83%	0.00%	0.61	0.58	0.60	0.80	1.20	1.03	0.99	0.00	0.00	0.00
YoY Growth	-	-	5.70%	-3.50%	-24.98%	-33.37%	16.88%	3.77%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.38%	5.72%	5.74%	13.37%	10.18%	9.27%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.03
(-) Cash Dividends Paid (M)	22.60
(=) Cash Retained (M)	0.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.61	2.88	1.73
Cash Retained (M)	0.44	0.44	0.44
(-) Cash Required (M)	-4.61	-2.88	-1.73
(=) Excess Retained (M)	-4.17	-2.44	-1.29
(/) Shares Outstanding (M)	18.69	18.69	18.69
(=) Excess Retained per Share	-0.22	-0.13	-0.07
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	-0.22	-0.13	-0.07
(=) Adjusted Dividend	0.99	1.08	1.14
WACC / Discount Rate	8.30%	8.30%	8.30%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.38	$11.48	$13.74
Upside / Downside	-14.23%	4.96%	25.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.03	22.80	22.58	22.35	22.13	21.90	22.56
Payout Ratio	98.11%	96.48%	94.86%	93.24%	91.62%	90.00%	92.50%
Projected Dividends (M)	22.60	22.00	21.42	20.84	20.27	19.71	20.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.30%	8.30%	8.30%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.11	20.32	20.52
Year 2 PV (M)	17.89	18.26	18.63
Year 3 PV (M)	15.91	16.41	16.91
Year 4 PV (M)	14.15	14.74	15.34
Year 5 PV (M)	12.58	13.23	13.92
PV of Terminal Value (M)	251.41	264.50	278.13
Equity Value (M)	332.06	347.46	363.45
Shares Outstanding (M)	18.69	18.69	18.69
Fair Value	$17.77	$18.59	$19.45
Upside / Downside	62.40%	69.93%	77.75%

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Financial Statements

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Miller/Howard High Income Equity Fund (HIE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener