DDM Analysis: 272210.KS

Valuation Snapshot

Stable Growth	$72,879.93 - $197,821.94	$112,224.70
Multi-Stage	$48,798.42 - $53,360.74	$51,038.02
Blended Fair Value	$81,631.36
Current Price	$59,500.00
Upside	37.20%
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	9.03%	9.03%	9.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72,879.93	$112,224.70	$197,821.94
Upside / Downside	22.49%	88.61%	232.47%

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	9.03%	9.03%	9.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	154,873.10	156,341.09	157,809.08
Year 2 PV (M)	238,433.08	242,974.57	247,558.89
Year 3 PV (M)	316,413.86	325,496.97	334,752.26
Year 4 PV (M)	389,089.32	404,052.59	419,443.36
Year 5 PV (M)	456,721.43	478,781.24	501,685.34
PV of Terminal Value (M)	8,012,912.77	8,399,939.46	8,801,778.56
Equity Value (M)	9,568,443.57	10,007,585.92	10,463,027.50
Shares Outstanding (M)	196.08	196.08	196.08
Fair Value	$48,798.42	$51,038.02	$53,360.74
Upside / Downside	-17.99%	-14.22%	-10.32%

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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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