DDM Analysis: 241590.KS

Valuation Snapshot

Stable Growth	$742.40 - $1,191.35	$945.42
Multi-Stage	$1,383.11 - $1,519.41	$1,449.94
Blended Fair Value	$1,197.68
Current Price	$6,060.00
Upside	-80.24%
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	4.91%	0.00%	35.20	35.32	35.14	55.35	35.12	27.70	18.08	12.15	0.00	0.00
YoY Growth	-	-	-0.34%	0.50%	-36.51%	57.58%	26.82%	53.16%	48.80%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.42%	0.47%	0.41%	0.36%	0.19%	0.26%	0.15%	0.11%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,464.59
(-) Cash Dividends Paid (M)	2,735.57
(=) Cash Retained (M)	2,729.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,092.92	683.07	409.84
Cash Retained (M)	2,729.02	2,729.02	2,729.02
(-) Cash Required (M)	-1,092.92	-683.07	-409.84
(=) Excess Retained (M)	1,636.10	2,045.95	2,319.17
(/) Shares Outstanding (M)	77.56	77.56	77.56
(=) Excess Retained per Share	21.10	26.38	29.90
LTM Dividend per Share	35.27	35.27	35.27
(+) Excess Retained per Share	21.10	26.38	29.90
(=) Adjusted Dividend	56.37	61.65	65.17
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	-0.59%	0.41%	1.41%
Fair Value	$742.40	$945.42	$1,191.35
Upside / Downside	-87.75%	-84.40%	-80.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,464.59	5,487.08	5,509.66	5,532.33	5,555.10	5,577.96	5,745.30
Payout Ratio	50.06%	58.05%	66.04%	74.02%	82.01%	90.00%	92.50%
Projected Dividends (M)	2,735.57	3,185.13	3,638.35	4,095.25	4,555.85	5,020.16	5,314.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	-0.59%	0.41%	1.41%
Year 1 PV (M)	2,948.24	2,977.89	3,007.55
Year 2 PV (M)	3,117.27	3,180.30	3,243.96
Year 3 PV (M)	3,247.76	3,346.76	3,447.75
Year 4 PV (M)	3,344.32	3,480.93	3,621.68
Year 5 PV (M)	3,411.07	3,586.12	3,768.28
PV of Terminal Value (M)	91,202.87	95,883.23	100,753.80
Equity Value (M)	107,271.53	112,455.23	117,843.02
Shares Outstanding (M)	77.56	77.56	77.56
Fair Value	$1,383.11	$1,449.94	$1,519.41
Upside / Downside	-77.18%	-76.07%	-74.93%

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Hwaseung Enterprise Co., Ltd. (241590.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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