DDM Analysis: 012330.KS

Valuation Snapshot

Stable Growth	$1,063,731.57 - $2,888,450.77	$1,638,334.02
Multi-Stage	$1,158,824.81 - $1,271,919.29	$1,214,305.29
Blended Fair Value	$1,426,319.65
Current Price	$298,500.00
Upside	377.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.02%	7.92%	4,441.77	4,014.65	4,024.96	5,050.39	3,065.17	5,177.70	3,624.39	3,635.31	3,627.34	3,195.90
YoY Growth	-	-	10.64%	-0.26%	-20.30%	64.77%	-40.80%	42.86%	-0.30%	0.22%	13.50%	54.12%
Dividend Yield	-	-	1.71%	1.60%	1.86%	2.35%	1.05%	3.05%	1.72%	1.52%	1.51%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,172,240.00
(-) Cash Dividends Paid (M)	583,383.00
(=) Cash Retained (M)	3,588,857.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	834,448.00	521,530.00	312,918.00
Cash Retained (M)	3,588,857.00	3,588,857.00	3,588,857.00
(-) Cash Required (M)	-834,448.00	-521,530.00	-312,918.00
(=) Excess Retained (M)	2,754,409.00	3,067,327.00	3,275,939.00
(/) Shares Outstanding (M)	91.45	91.45	91.45
(=) Excess Retained per Share	30,117.89	33,539.47	35,820.52
LTM Dividend per Share	6,378.96	6,378.96	6,378.96
(+) Excess Retained per Share	30,117.89	33,539.47	35,820.52
(=) Adjusted Dividend	36,496.85	39,918.43	42,199.48
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.00%	4.00%	5.00%
Fair Value	$1,063,731.57	$1,638,334.02	$2,888,450.77
Upside / Downside	256.36%	448.86%	867.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,172,240.00	4,339,278.46	4,513,004.42	4,693,685.62	4,881,600.51	5,077,038.70	5,229,349.86
Payout Ratio	13.98%	29.19%	44.39%	59.59%	74.80%	90.00%	92.50%
Projected Dividends (M)	583,383.00	1,266,461.43	2,003,299.80	2,797,107.86	3,651,266.22	4,569,334.83	4,837,148.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.00%	4.00%	5.00%
Year 1 PV (M)	1,177,315.66	1,188,745.51	1,200,175.36
Year 2 PV (M)	1,731,202.42	1,764,980.01	1,799,083.94
Year 3 PV (M)	2,247,046.55	2,313,129.67	2,380,495.87
Year 4 PV (M)	2,726,762.45	2,834,204.51	2,944,790.86
Year 5 PV (M)	3,172,179.41	3,329,182.41	3,492,341.30
PV of Terminal Value (M)	94,924,947.33	99,623,137.37	104,505,537.67
Equity Value (M)	105,979,453.82	111,053,379.48	116,322,425.00
Shares Outstanding (M)	91.45	91.45	91.45
Fair Value	$1,158,824.81	$1,214,305.29	$1,271,919.29
Upside / Downside	288.22%	306.80%	326.10%

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Hyundai Mobis Co.,Ltd (012330.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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