DDM Analysis: 017960.KS

Valuation Snapshot

Stable Growth	$29,418.40 - $72,370.30	$43,925.68
Multi-Stage	$20,232.30 - $22,120.75	$21,159.34
Blended Fair Value	$32,542.51
Current Price	$32,700.00
Upside	-0.48%
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	5.71%	4.33%	109.34	112.96	130.33	156.40	99.42	82.85	82.85	107.70	100.05	99.36
YoY Growth	-	-	-3.20%	-13.33%	-16.67%	57.31%	20.00%	0.00%	-23.08%	7.65%	0.70%	38.83%
Dividend Yield	-	-	0.81%	1.05%	1.06%	1.33%	0.81%	1.49%	1.01%	1.72%	1.50%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66,242.00
(-) Cash Dividends Paid (M)	6,398.31
(=) Cash Retained (M)	59,843.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,248.40	8,280.25	4,968.15
Cash Retained (M)	59,843.69	59,843.69	59,843.69
(-) Cash Required (M)	-13,248.40	-8,280.25	-4,968.15
(=) Excess Retained (M)	46,595.29	51,563.44	54,875.54
(/) Shares Outstanding (M)	49.51	49.51	49.51
(=) Excess Retained per Share	941.05	1,041.39	1,108.28
LTM Dividend per Share	129.22	129.22	129.22
(+) Excess Retained per Share	941.05	1,041.39	1,108.28
(=) Adjusted Dividend	1,070.28	1,170.61	1,237.51
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29,418.40	$43,925.68	$72,370.30
Upside / Downside	-10.04%	34.33%	121.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66,242.00	70,547.73	75,133.33	80,017.00	85,218.10	90,757.28	93,479.99
Payout Ratio	9.66%	25.73%	41.80%	57.86%	73.93%	90.00%	92.50%
Projected Dividends (M)	6,398.31	18,149.95	31,402.27	46,300.71	63,003.27	81,681.55	86,469.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,443.96	16,599.82	16,755.69
Year 2 PV (M)	25,776.43	26,267.40	26,763.00
Year 3 PV (M)	34,433.43	35,421.89	36,429.09
Year 4 PV (M)	42,450.88	44,083.42	45,762.60
Year 5 PV (M)	49,863.00	52,271.40	54,771.98
PV of Terminal Value (M)	832,814.36	873,039.61	914,804.37
Equity Value (M)	1,001,782.06	1,047,683.55	1,095,286.73
Shares Outstanding (M)	49.51	49.51	49.51
Fair Value	$20,232.30	$21,159.34	$22,120.75
Upside / Downside	-38.13%	-35.29%	-32.35%

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Hankuk Carbon Co., Ltd. (017960.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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