DDM Analysis: 012630.KS

Valuation Snapshot

Stable Growth	$261,649.13 - $1,003,235.74	$749,482.31
Multi-Stage	$121,431.73 - $132,993.32	$127,106.10
Blended Fair Value	$438,294.21
Current Price	$17,400.00
Upside	2,418.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.27%	23.62%	978.24	912.08	969.20	1,070.97	597.29	224.13	1,564.79	1,200.89	797.45	492.62
YoY Growth	-	-	7.25%	-5.89%	-9.50%	79.31%	166.49%	-85.68%	30.30%	50.59%	61.88%	319.69%
Dividend Yield	-	-	6.57%	10.94%	14.34%	15.08%	5.31%	3.02%	7.98%	3.12%	1.96%	1.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	251,723.26
(-) Cash Dividends Paid (M)	17,510.85
(=) Cash Retained (M)	234,212.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50,344.65	31,465.41	18,879.24
Cash Retained (M)	234,212.42	234,212.42	234,212.42
(-) Cash Required (M)	-50,344.65	-31,465.41	-18,879.24
(=) Excess Retained (M)	183,867.76	202,747.01	215,333.17
(/) Shares Outstanding (M)	49.90	49.90	49.90
(=) Excess Retained per Share	3,684.72	4,063.07	4,315.29
LTM Dividend per Share	350.92	350.92	350.92
(+) Excess Retained per Share	3,684.72	4,063.07	4,315.29
(=) Adjusted Dividend	4,035.64	4,413.99	4,666.21
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$261,649.13	$749,482.31	$1,003,235.74
Upside / Downside	1,403.73%	4,207.37%	5,665.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	251,723.26	268,085.27	285,510.81	304,069.02	323,833.50	344,882.68	355,229.16
Payout Ratio	6.96%	23.57%	40.17%	56.78%	73.39%	90.00%	92.50%
Projected Dividends (M)	17,510.85	63,174.59	114,700.64	172,658.16	237,665.55	310,394.41	328,586.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	58,417.83	58,971.56	59,525.28
Year 2 PV (M)	98,078.06	99,946.17	101,831.91
Year 3 PV (M)	136,519.96	140,438.96	144,432.25
Year 4 PV (M)	173,771.41	180,454.16	187,327.84
Year 5 PV (M)	209,859.68	219,995.98	230,520.22
PV of Terminal Value (M)	5,382,796.46	5,642,787.55	5,912,729.10
Equity Value (M)	6,059,443.41	6,342,594.38	6,636,366.60
Shares Outstanding (M)	49.90	49.90	49.90
Fair Value	$121,431.73	$127,106.10	$132,993.32
Upside / Downside	597.88%	630.49%	664.33%

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HDC HOLDINGS CO.,Ltd (012630.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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