DDM Analysis: 003380.KQ

Valuation Snapshot

Stable Growth	$126,524.96 - $241,439.23	$226,263.92
Multi-Stage	$37,703.13 - $41,275.62	$39,456.52
Blended Fair Value	$132,860.22
Current Price	$7,340.00
Upside	1,710.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.34%	0.00%	389.69	579.12	450.75	228.99	82.13	121.06	194.15	88.38	4.23	0.00
YoY Growth	-	-	-32.71%	28.48%	96.84%	178.82%	-32.16%	-37.65%	119.68%	1,991.35%	0.00%	0.00%
Dividend Yield	-	-	6.97%	8.53%	2.81%	2.18%	0.89%	2.37%	1.64%	0.61%	0.02%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	118,104.00
(-) Cash Dividends Paid (M)	43,482.00
(=) Cash Retained (M)	74,622.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23,620.80	14,763.00	8,857.80
Cash Retained (M)	74,622.00	74,622.00	74,622.00
(-) Cash Required (M)	-23,620.80	-14,763.00	-8,857.80
(=) Excess Retained (M)	51,001.20	59,859.00	65,764.20
(/) Shares Outstanding (M)	97.28	97.28	97.28
(=) Excess Retained per Share	524.26	615.31	676.01
LTM Dividend per Share	446.96	446.96	446.96
(+) Excess Retained per Share	524.26	615.31	676.01
(=) Adjusted Dividend	971.22	1,062.27	1,122.97
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$126,524.96	$226,263.92	$241,439.23
Upside / Downside	1,623.77%	2,982.61%	3,189.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	118,104.00	125,780.76	133,956.51	142,663.68	151,936.82	161,812.72	166,667.10
Payout Ratio	36.82%	47.45%	58.09%	68.73%	79.36%	90.00%	92.50%
Projected Dividends (M)	43,482.00	59,687.20	77,815.37	98,048.01	120,582.14	145,631.44	154,167.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55,617.39	56,144.57	56,671.75
Year 2 PV (M)	67,565.38	68,852.31	70,151.38
Year 3 PV (M)	79,328.11	81,605.33	83,925.73
Year 4 PV (M)	90,907.70	94,403.76	97,999.69
Year 5 PV (M)	102,306.28	107,247.71	112,378.26
PV of Terminal Value (M)	3,272,148.84	3,430,194.86	3,594,289.66
Equity Value (M)	3,667,873.71	3,838,448.54	4,015,416.48
Shares Outstanding (M)	97.28	97.28	97.28
Fair Value	$37,703.13	$39,456.52	$41,275.62
Upside / Downside	413.67%	437.55%	462.34%

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Harim Holdings Co., Ltd. (003380.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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