DDM Analysis: 000850.KS

Valuation Snapshot

Stable Growth	$48,305.95 - $72,132.37	$59,632.09
Multi-Stage	$113,190.29 - $124,858.47	$118,907.99
Blended Fair Value	$89,270.04
Current Price	$32,800.00
Upside	172.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.79%	-1.42%	1,299.85	2,499.72	999.89	749.91	1,249.86	1,249.86	1,249.86	1,249.86	1,499.83	1,499.83
YoY Growth	-	-	-48.00%	150.00%	33.33%	-40.00%	0.00%	0.00%	0.00%	-16.67%	0.00%	0.00%
Dividend Yield	-	-	4.89%	7.68%	2.67%	2.22%	3.61%	4.29%	2.95%	2.39%	2.98%	2.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,061.96
(-) Cash Dividends Paid (M)	2,310.00
(=) Cash Retained (M)	10,751.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,612.39	1,632.74	979.65
Cash Retained (M)	10,751.96	10,751.96	10,751.96
(-) Cash Required (M)	-2,612.39	-1,632.74	-979.65
(=) Excess Retained (M)	8,139.57	9,119.21	9,772.31
(/) Shares Outstanding (M)	2.20	2.20	2.20
(=) Excess Retained per Share	3,699.38	4,144.63	4,441.45
LTM Dividend per Share	1,049.88	1,049.88	1,049.88
(+) Excess Retained per Share	3,699.38	4,144.63	4,441.45
(=) Adjusted Dividend	4,749.26	5,194.51	5,491.34
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-3.00%	-2.00%	-1.00%
Fair Value	$48,305.95	$59,632.09	$72,132.37
Upside / Downside	47.27%	81.81%	119.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,061.96	12,801.00	12,545.26	12,294.63	12,049.00	11,808.28	12,162.53
Payout Ratio	17.68%	32.15%	46.61%	61.07%	75.54%	90.00%	92.50%
Projected Dividends (M)	2,310.00	4,115.26	5,847.47	7,508.82	9,101.45	10,627.46	11,250.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-3.00%	-2.00%	-1.00%
Year 1 PV (M)	3,823.26	3,862.68	3,902.09
Year 2 PV (M)	5,047.10	5,151.69	5,257.36
Year 3 PV (M)	6,021.19	6,209.33	6,401.36
Year 4 PV (M)	6,780.44	7,064.40	7,357.18
Year 5 PV (M)	7,355.52	7,742.56	8,145.73
PV of Terminal Value (M)	220,019.43	231,596.63	243,656.13
Equity Value (M)	249,046.94	261,627.30	274,719.85
Shares Outstanding (M)	2.20	2.20	2.20
Fair Value	$113,190.29	$118,907.99	$124,858.47
Upside / Downside	245.09%	262.52%	280.67%

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Hwacheon Machine Tool Co. Ltd (000850.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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