DDM Analysis: 088350.KS

Valuation Snapshot

Stable Growth	$13,431.53 - $23,267.59	$17,655.18
Multi-Stage	$22,122.03 - $24,337.10	$23,208.16
Blended Fair Value	$20,431.67
Current Price	$3,145.00
Upside	549.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.22%	2.47%	193.40	68.69	128.20	31.18	31.18	103.95	145.53	99.01	187.11	205.91
YoY Growth	-	-	181.57%	-46.42%	311.10%	0.00%	-70.00%	-28.57%	46.99%	-47.09%	-9.13%	35.89%
Dividend Yield	-	-	7.60%	2.42%	5.34%	0.99%	0.97%	7.48%	3.64%	1.60%	3.10%	3.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	756,722.72
(-) Cash Dividends Paid (M)	46,515.00
(=) Cash Retained (M)	710,207.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	151,344.54	94,590.34	56,754.20
Cash Retained (M)	710,207.72	710,207.72	710,207.72
(-) Cash Required (M)	-151,344.54	-94,590.34	-56,754.20
(=) Excess Retained (M)	558,863.17	615,617.38	653,453.51
(/) Shares Outstanding (M)	722.84	722.84	722.84
(=) Excess Retained per Share	773.15	851.67	904.01
LTM Dividend per Share	64.35	64.35	64.35
(+) Excess Retained per Share	773.15	851.67	904.01
(=) Adjusted Dividend	837.50	916.02	968.36
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	0.47%	1.47%	2.47%
Fair Value	$13,431.53	$17,655.18	$23,267.59
Upside / Downside	327.08%	461.37%	639.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	756,722.72	767,846.63	779,134.06	790,587.41	802,209.14	814,001.70	838,421.75
Payout Ratio	6.15%	22.92%	39.69%	56.46%	73.23%	90.00%	92.50%
Projected Dividends (M)	46,515.00	175,971.41	309,223.82	446,355.86	587,452.78	732,601.53	775,540.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	0.47%	1.47%	2.47%
Year 1 PV (M)	163,243.33	164,868.13	166,492.92
Year 2 PV (M)	266,109.02	271,432.67	276,809.04
Year 3 PV (M)	356,337.24	367,083.61	378,043.88
Year 4 PV (M)	435,057.11	452,638.30	470,747.04
Year 5 PV (M)	503,308.72	528,860.03	555,438.68
PV of Terminal Value (M)	14,266,630.44	14,990,899.74	15,744,289.85
Equity Value (M)	15,990,685.86	16,775,782.47	17,591,821.42
Shares Outstanding (M)	722.84	722.84	722.84
Fair Value	$22,122.03	$23,208.16	$24,337.10
Upside / Downside	603.40%	637.94%	673.83%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Hanwha Life Insurance Co., Ltd. (088350.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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