DDM Analysis: 443060.KS

Valuation Snapshot

Stable Growth	$49,947.75 - $75,126.25	$61,855.09
Multi-Stage	$102,167.75 - $112,197.01	$107,085.02
Blended Fair Value	$84,470.06
Current Price	$210,000.00
Upside	-59.78%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	2,234.88	2,011.34	1,787.86	4,246.16	3,575.72	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	11.11%	12.50%	-57.89%	18.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.67%	1.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	264,473.71
(-) Cash Dividends Paid (M)	183,799.76
(=) Cash Retained (M)	80,673.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52,894.74	33,059.21	19,835.53
Cash Retained (M)	80,673.95	80,673.95	80,673.95
(-) Cash Required (M)	-52,894.74	-33,059.21	-19,835.53
(=) Excess Retained (M)	27,779.21	47,614.74	60,838.42
(/) Shares Outstanding (M)	44.75	44.75	44.75
(=) Excess Retained per Share	620.82	1,064.11	1,359.63
LTM Dividend per Share	4,107.60	4,107.60	4,107.60
(+) Excess Retained per Share	620.82	1,064.11	1,359.63
(=) Adjusted Dividend	4,728.42	5,171.71	5,467.23
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$49,947.75	$61,855.09	$75,126.25
Upside / Downside	-76.22%	-70.55%	-64.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	264,473.71	261,828.98	259,210.69	256,618.58	254,052.39	251,511.87	259,057.23
Payout Ratio	69.50%	73.60%	77.70%	81.80%	85.90%	90.00%	92.50%
Projected Dividends (M)	183,799.76	192,698.63	201,401.13	209,910.32	218,229.19	226,360.68	239,627.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	177,812.09	179,626.50	181,440.91
Year 2 PV (M)	171,485.44	175,003.00	178,556.27
Year 3 PV (M)	164,923.22	170,023.59	175,228.04
Year 4 PV (M)	158,213.50	164,770.71	171,529.66
Year 5 PV (M)	151,430.85	159,316.21	167,526.68
PV of Terminal Value (M)	3,747,759.87	3,942,914.42	4,146,115.33
Equity Value (M)	4,571,624.98	4,791,654.43	5,020,396.89
Shares Outstanding (M)	44.75	44.75	44.75
Fair Value	$102,167.75	$107,085.02	$112,197.01
Upside / Downside	-51.35%	-49.01%	-46.57%

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Hdhms (443060.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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