DDM Analysis: 000880.KS

Valuation Snapshot

Stable Growth	$203,941.20 - $342,846.38	$264,782.38
Multi-Stage	$159,822.88 - $174,449.21	$167,004.61
Blended Fair Value	$215,893.49
Current Price	$84,600.00
Upside	155.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.50%	10.23%	957.79	957.79	907.72	850.12	851.76	806.50	731.04	740.97	452.10	452.10
YoY Growth	-	-	0.00%	5.52%	6.78%	-0.19%	5.61%	10.32%	-1.34%	63.89%	0.00%	24.98%
Dividend Yield	-	-	2.34%	3.55%	3.46%	2.70%	2.67%	5.27%	2.36%	1.89%	1.26%	1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,243,530.00
(-) Cash Dividends Paid (M)	72,164.00
(=) Cash Retained (M)	1,171,366.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	248,706.00	155,441.25	93,264.75
Cash Retained (M)	1,171,366.00	1,171,366.00	1,171,366.00
(-) Cash Required (M)	-248,706.00	-155,441.25	-93,264.75
(=) Excess Retained (M)	922,660.00	1,015,924.75	1,078,101.25
(/) Shares Outstanding (M)	76.98	76.98	76.98
(=) Excess Retained per Share	11,985.63	13,197.17	14,004.86
LTM Dividend per Share	937.43	937.43	937.43
(+) Excess Retained per Share	11,985.63	13,197.17	14,004.86
(=) Adjusted Dividend	12,923.06	14,134.60	14,942.29
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$203,941.20	$264,782.38	$342,846.38
Upside / Downside	141.07%	212.98%	305.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,243,530.00	1,324,359.45	1,410,442.81	1,502,121.60	1,599,759.50	1,703,743.87	1,754,856.18
Payout Ratio	5.80%	22.64%	39.48%	56.32%	73.16%	90.00%	92.50%
Projected Dividends (M)	72,164.00	299,868.43	556,869.54	846,013.85	1,170,394.15	1,533,369.48	1,623,241.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	264,787.89	267,297.72	269,807.56
Year 2 PV (M)	434,198.38	442,468.64	450,816.92
Year 3 PV (M)	582,478.07	599,198.92	616,236.75
Year 4 PV (M)	711,543.76	738,907.72	767,053.46
Year 5 PV (M)	823,158.85	862,917.73	904,198.28
PV of Terminal Value (M)	9,487,078.39	9,945,307.82	10,421,074.78
Equity Value (M)	12,303,245.34	12,856,098.56	13,429,187.74
Shares Outstanding (M)	76.98	76.98	76.98
Fair Value	$159,822.88	$167,004.61	$174,449.21
Upside / Downside	88.92%	97.40%	106.20%

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Hanwha Corporation (000880.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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