DDM Analysis: 017960.KS

Valuation Snapshot

Stable Growth	$58,100.37 - $266,063.68	$132,145.78
Multi-Stage	$29,812.01 - $32,639.21	$31,199.64
Blended Fair Value	$81,672.71
Current Price	$32,700.00
Upside	149.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.71%	4.33%	109.34	112.96	130.33	156.40	99.42	82.85	82.85	107.70	100.05	99.36
YoY Growth	-	-	-3.20%	-13.33%	-16.67%	57.31%	20.00%	0.00%	-23.08%	7.65%	0.70%	38.83%
Dividend Yield	-	-	0.81%	1.05%	1.06%	1.33%	0.81%	1.49%	1.01%	1.72%	1.50%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66,242.00
(-) Cash Dividends Paid (M)	6,398.31
(=) Cash Retained (M)	59,843.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,248.40	8,280.25	4,968.15
Cash Retained (M)	59,843.69	59,843.69	59,843.69
(-) Cash Required (M)	-13,248.40	-8,280.25	-4,968.15
(=) Excess Retained (M)	46,595.29	51,563.44	54,875.54
(/) Shares Outstanding (M)	49.51	49.51	49.51
(=) Excess Retained per Share	941.05	1,041.39	1,108.28
LTM Dividend per Share	129.22	129.22	129.22
(+) Excess Retained per Share	941.05	1,041.39	1,108.28
(=) Adjusted Dividend	1,070.28	1,170.61	1,237.51
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$58,100.37	$132,145.78	$266,063.68
Upside / Downside	77.68%	304.12%	713.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66,242.00	70,547.73	75,133.33	80,017.00	85,218.10	90,757.28	93,479.99
Payout Ratio	9.66%	25.73%	41.80%	57.86%	73.93%	90.00%	92.50%
Projected Dividends (M)	6,398.31	18,149.95	31,402.27	46,300.71	63,003.27	81,681.55	86,469.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,733.95	16,892.56	17,051.18
Year 2 PV (M)	26,693.59	27,202.03	27,715.26
Year 3 PV (M)	36,287.46	37,329.15	38,390.58
Year 4 PV (M)	45,525.54	47,276.32	49,077.12
Year 5 PV (M)	54,417.54	57,045.93	59,774.91
PV of Terminal Value (M)	1,296,453.63	1,359,072.83	1,424,088.61
Equity Value (M)	1,476,111.71	1,544,818.81	1,616,097.66
Shares Outstanding (M)	49.51	49.51	49.51
Fair Value	$29,812.01	$31,199.64	$32,639.21
Upside / Downside	-8.83%	-4.59%	-0.19%

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Hankuk Carbon Co., Ltd. (017960.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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