DDM Analysis: 012450.KS

Valuation Snapshot

Stable Growth	$9,329,804.29 - $10,992,090.22	$10,301,198.31
Multi-Stage	$1,955,186.60 - $2,143,135.70	$2,047,421.01
Blended Fair Value	$6,174,309.66
Current Price	$1,107,000.00
Upside	457.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	73.06%	16.25%	2,527.29	1,067.23	747.06	640.85	367.88	162.81	10.45	0.00	336.38	12.80
YoY Growth	-	-	136.81%	42.86%	16.57%	74.20%	125.95%	1,458.66%	0.00%	-100.00%	2,528.14%	-97.72%
Dividend Yield	-	-	0.41%	0.52%	0.76%	1.24%	0.91%	0.80%	0.03%	0.00%	0.72%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,618,963.95
(-) Cash Dividends Paid (M)	223,787.69
(=) Cash Retained (M)	2,395,176.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	523,792.79	327,370.49	196,422.30
Cash Retained (M)	2,395,176.26	2,395,176.26	2,395,176.26
(-) Cash Required (M)	-523,792.79	-327,370.49	-196,422.30
(=) Excess Retained (M)	1,871,383.47	2,067,805.77	2,198,753.96
(/) Shares Outstanding (M)	47.38	47.38	47.38
(=) Excess Retained per Share	39,494.20	43,639.56	46,403.12
LTM Dividend per Share	4,722.88	4,722.88	4,722.88
(+) Excess Retained per Share	39,494.20	43,639.56	46,403.12
(=) Adjusted Dividend	44,217.08	48,362.43	51,126.00
WACC / Discount Rate	5.88%	5.88%	5.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9,329,804.29	$10,301,198.31	$10,992,090.22
Upside / Downside	742.80%	830.55%	892.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,618,963.95	2,789,196.60	2,970,494.38	3,163,576.52	3,369,208.99	3,588,207.57	3,695,853.80
Payout Ratio	8.54%	24.84%	41.13%	57.42%	73.71%	90.00%	92.50%
Projected Dividends (M)	223,787.69	692,722.50	1,221,673.33	1,816,461.02	2,483,409.54	3,229,386.82	3,418,664.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.88%	5.88%	5.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	648,131.86	654,275.29	660,418.72
Year 2 PV (M)	1,069,456.81	1,089,826.96	1,110,389.28
Year 3 PV (M)	1,487,778.64	1,530,487.42	1,574,005.82
Year 4 PV (M)	1,903,113.38	1,976,301.75	2,051,581.06
Year 5 PV (M)	2,315,476.96	2,427,315.37	2,543,434.09
PV of Terminal Value (M)	85,220,115.22	89,336,278.65	93,609,977.34
Equity Value (M)	92,644,072.88	97,014,485.44	101,549,806.31
Shares Outstanding (M)	47.38	47.38	47.38
Fair Value	$1,955,186.60	$2,047,421.01	$2,143,135.70
Upside / Downside	76.62%	84.95%	93.60%

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Hanwha Aerospace Co., Ltd. (012450.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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