DDM Analysis: 004800.KS

Valuation Snapshot

Stable Growth	$83,455.04 - $112,780.62	$98,466.07
Multi-Stage	$266,124.48 - $295,422.01	$280,460.88
Blended Fair Value	$189,463.47
Current Price	$84,900.00
Upside	123.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.62%	5.29%	4,207.41	7,087.17	10,428.50	7,825.69	5,764.83	7,803.46	10,435.94	9,426.14	6,598.30	4,974.19
YoY Growth	-	-	-40.63%	-32.04%	33.26%	35.75%	-26.12%	-25.23%	10.71%	42.86%	32.65%	97.97%
Dividend Yield	-	-	8.77%	11.85%	15.43%	9.11%	6.48%	12.77%	13.82%	7.69%	4.87%	3.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	324,576.91
(-) Cash Dividends Paid (M)	66,652.81
(=) Cash Retained (M)	257,924.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64,915.38	40,572.11	24,343.27
Cash Retained (M)	257,924.09	257,924.09	257,924.09
(-) Cash Required (M)	-64,915.38	-40,572.11	-24,343.27
(=) Excess Retained (M)	193,008.71	217,351.98	233,580.83
(/) Shares Outstanding (M)	17.65	17.65	17.65
(=) Excess Retained per Share	10,937.20	12,316.65	13,236.29
LTM Dividend per Share	3,777.01	3,777.01	3,777.01
(+) Excess Retained per Share	10,937.20	12,316.65	13,236.29
(=) Adjusted Dividend	14,714.20	16,093.66	17,013.30
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-9.59%	-8.59%	-7.59%
Fair Value	$83,455.04	$98,466.07	$112,780.62
Upside / Downside	-1.70%	15.98%	32.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	324,576.91	296,679.74	271,180.32	247,872.55	226,568.07	207,094.70	213,307.54
Payout Ratio	20.54%	34.43%	48.32%	62.21%	76.11%	90.00%	92.50%
Projected Dividends (M)	66,652.81	102,141.59	131,037.51	154,211.72	172,434.30	186,385.23	197,309.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-9.59%	-8.59%	-7.59%
Year 1 PV (M)	94,996.91	96,047.70	97,098.49
Year 2 PV (M)	113,346.82	115,868.22	118,417.36
Year 3 PV (M)	124,061.76	128,224.33	132,478.98
Year 4 PV (M)	129,018.22	134,822.09	140,819.60
Year 5 PV (M)	129,701.73	137,035.55	144,697.43
PV of Terminal Value (M)	4,105,173.19	4,337,295.17	4,579,800.42
Equity Value (M)	4,696,298.63	4,949,293.07	5,213,312.30
Shares Outstanding (M)	17.65	17.65	17.65
Fair Value	$266,124.48	$280,460.88	$295,422.01
Upside / Downside	213.46%	230.34%	247.96%

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Hyosung Corporation (004800.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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