DDM Analysis: 272210.KS

Valuation Snapshot

Stable Growth	$66,201.91 - $160,517.64	$98,383.74
Multi-Stage	$45,804.54 - $50,073.96	$47,900.42
Blended Fair Value	$73,142.08
Current Price	$59,500.00
Upside	22.93%
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	27.04%	18.41%	267.02	238.41	152.58	129.17	174.27	80.68	0.00	495.71	25.75	55.08
YoY Growth	-	-	12.00%	56.25%	18.13%	-25.88%	116.00%	0.00%	-100.00%	1,825.13%	-53.25%	11.73%
Dividend Yield	-	-	0.83%	1.30%	1.10%	0.79%	0.87%	1.26%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	598,348.39
(-) Cash Dividends Paid (M)	65,447.64
(=) Cash Retained (M)	532,900.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119,669.68	74,793.55	44,876.13
Cash Retained (M)	532,900.75	532,900.75	532,900.75
(-) Cash Required (M)	-119,669.68	-74,793.55	-44,876.13
(=) Excess Retained (M)	413,231.07	458,107.20	488,024.62
(/) Shares Outstanding (M)	196.08	196.08	196.08
(=) Excess Retained per Share	2,107.45	2,336.32	2,488.89
LTM Dividend per Share	333.78	333.78	333.78
(+) Excess Retained per Share	2,107.45	2,336.32	2,488.89
(=) Adjusted Dividend	2,441.23	2,670.09	2,822.67
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66,201.91	$98,383.74	$160,517.64
Upside / Downside	11.26%	65.35%	169.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	598,348.39	637,241.03	678,661.70	722,774.71	769,755.06	819,789.14	844,382.82
Payout Ratio	10.94%	26.75%	42.56%	58.38%	74.19%	90.00%	92.50%
Projected Dividends (M)	65,447.64	170,464.78	288,857.62	421,921.32	571,062.88	737,810.23	781,054.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	154,368.41	155,831.62	157,294.82
Year 2 PV (M)	236,881.63	241,393.56	245,948.05
Year 3 PV (M)	313,330.59	322,325.19	331,490.29
Year 4 PV (M)	384,042.27	398,811.45	414,002.58
Year 5 PV (M)	449,328.06	471,030.78	493,564.10
PV of Terminal Value (M)	7,443,448.99	7,802,970.36	8,176,251.46
Equity Value (M)	8,981,399.95	9,392,362.95	9,818,551.31
Shares Outstanding (M)	196.08	196.08	196.08
Fair Value	$45,804.54	$47,900.42	$50,073.96
Upside / Downside	-23.02%	-19.50%	-15.84%

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Hanwha Systems Co., Ltd. (272210.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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