DDM Analysis: 128940.KS

Valuation Snapshot

Stable Growth	$244,858.05 - $806,160.99	$398,214.92
Multi-Stage	$173,946.21 - $190,217.47	$181,932.98
Blended Fair Value	$290,073.95
Current Price	$367,000.00
Upside	-20.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.26%	0.00%	961.86	1,378.63	459.06	450.56	623.63	433.79	686.13	0.00	1,564.38	0.00
YoY Growth	-	-	-30.23%	200.32%	1.89%	-27.75%	43.76%	-36.78%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.43%	0.42%	0.18%	0.17%	0.21%	0.18%	0.17%	0.00%	0.60%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	118,530.36
(-) Cash Dividends Paid (M)	36,941.49
(=) Cash Retained (M)	81,588.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23,706.07	14,816.30	8,889.78
Cash Retained (M)	81,588.88	81,588.88	81,588.88
(-) Cash Required (M)	-23,706.07	-14,816.30	-8,889.78
(=) Excess Retained (M)	57,882.80	66,772.58	72,699.10
(/) Shares Outstanding (M)	13.05	13.05	13.05
(=) Excess Retained per Share	4,434.36	5,115.40	5,569.43
LTM Dividend per Share	2,830.06	2,830.06	2,830.06
(+) Excess Retained per Share	4,434.36	5,115.40	5,569.43
(=) Adjusted Dividend	7,264.42	7,945.46	8,399.49
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	4.99%	5.99%	6.99%
Fair Value	$244,858.05	$398,214.92	$806,160.99
Upside / Downside	-33.28%	8.51%	119.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	118,530.36	125,624.80	133,143.87	141,112.98	149,559.06	158,510.68	163,266.00
Payout Ratio	31.17%	42.93%	54.70%	66.47%	78.23%	90.00%	92.50%
Projected Dividends (M)	36,941.49	53,934.51	72,829.38	93,792.87	117,004.92	142,659.61	151,021.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	4.99%	5.99%	6.99%
Year 1 PV (M)	49,422.40	49,893.15	50,363.91
Year 2 PV (M)	61,153.41	62,323.95	63,505.59
Year 3 PV (M)	72,167.39	74,249.30	76,370.88
Year 4 PV (M)	82,495.90	85,684.23	88,964.10
Year 5 PV (M)	92,169.30	96,643.35	101,289.48
PV of Terminal Value (M)	1,913,154.91	2,006,022.64	2,102,462.22
Equity Value (M)	2,270,563.31	2,374,816.63	2,482,956.18
Shares Outstanding (M)	13.05	13.05	13.05
Fair Value	$173,946.21	$181,932.98	$190,217.47
Upside / Downside	-52.60%	-50.43%	-48.17%

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Hanmi Pharm. Co., Ltd. (128940.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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