DDM Analysis: 030520.KQ

Valuation Snapshot

Stable Growth	$4,455.91 - $6,673.87	$5,507.93
Multi-Stage	$9,015.40 - $9,894.40	$9,446.40
Blended Fair Value	$7,477.16
Current Price	$30,550.00
Upside	-75.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	11.39%	0.00%	406.78	0.00	0.00	0.00	0.00	237.26	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,886.04
(-) Cash Dividends Paid (M)	9,867.22
(=) Cash Retained (M)	3,018.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,577.21	1,610.75	966.45
Cash Retained (M)	3,018.82	3,018.82	3,018.82
(-) Cash Required (M)	-2,577.21	-1,610.75	-966.45
(=) Excess Retained (M)	441.61	1,408.07	2,052.37
(/) Shares Outstanding (M)	24.06	24.06	24.06
(=) Excess Retained per Share	18.35	58.52	85.29
LTM Dividend per Share	410.07	410.07	410.07
(+) Excess Retained per Share	18.35	58.52	85.29
(=) Adjusted Dividend	428.43	468.59	495.37
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4,455.91	$5,507.93	$6,673.87
Upside / Downside	-85.41%	-81.97%	-78.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,886.04	12,757.18	12,629.61	12,503.31	12,378.28	12,254.49	12,622.13
Payout Ratio	76.57%	79.26%	81.94%	84.63%	87.31%	90.00%	92.50%
Projected Dividends (M)	9,867.22	10,111.13	10,349.18	10,581.45	10,808.04	11,029.05	11,675.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	9,317.41	9,412.49	9,507.56
Year 2 PV (M)	8,788.14	8,968.40	9,150.50
Year 3 PV (M)	8,280.03	8,536.09	8,797.38
Year 4 PV (M)	7,793.44	8,116.44	8,449.38
Year 5 PV (M)	7,328.51	7,710.12	8,107.47
PV of Terminal Value (M)	175,421.04	184,555.62	194,066.83
Equity Value (M)	216,928.56	227,299.16	238,079.12
Shares Outstanding (M)	24.06	24.06	24.06
Fair Value	$9,015.40	$9,446.40	$9,894.40
Upside / Downside	-70.49%	-69.08%	-67.61%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
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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Hancom Inc. (030520.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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