DDM Analysis: 069960.KS

Valuation Snapshot

Stable Growth	$1,015,515.68 - $1,627,560.00	$1,525,262.07
Multi-Stage	$262,662.55 - $287,717.68	$274,958.98
Blended Fair Value	$900,110.53
Current Price	$88,500.00
Upside	917.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.25%	7.87%	1,736.18	1,895.88	1,103.54	1,013.96	1,024.70	931.90	828.36	730.08	732.33	866.94
YoY Growth	-	-	-8.42%	71.80%	8.83%	-1.05%	9.96%	12.50%	13.46%	-0.31%	-15.53%	6.49%
Dividend Yield	-	-	2.90%	3.50%	2.02%	1.34%	1.13%	1.58%	0.82%	0.79%	0.73%	0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178,284.83
(-) Cash Dividends Paid (M)	40,294.57
(=) Cash Retained (M)	137,990.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35,656.97	22,285.60	13,371.36
Cash Retained (M)	137,990.26	137,990.26	137,990.26
(-) Cash Required (M)	-35,656.97	-22,285.60	-13,371.36
(=) Excess Retained (M)	102,333.30	115,704.66	124,618.90
(/) Shares Outstanding (M)	21.79	21.79	21.79
(=) Excess Retained per Share	4,697.42	5,311.21	5,720.40
LTM Dividend per Share	1,849.65	1,849.65	1,849.65
(+) Excess Retained per Share	4,697.42	5,311.21	5,720.40
(=) Adjusted Dividend	6,547.07	7,160.85	7,570.05
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,015,515.68	$1,525,262.07	$1,627,560.00
Upside / Downside	1,047.48%	1,623.46%	1,739.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178,284.83	189,873.34	202,215.11	215,359.09	229,357.43	244,265.66	251,593.63
Payout Ratio	22.60%	36.08%	49.56%	63.04%	76.52%	90.00%	92.50%
Projected Dividends (M)	40,294.57	68,508.17	100,219.30	135,763.43	175,504.87	219,839.09	232,724.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	63,914.86	64,520.69	65,126.52
Year 2 PV (M)	87,230.89	88,892.39	90,569.57
Year 3 PV (M)	110,245.58	113,410.34	116,635.09
Year 4 PV (M)	132,961.85	138,075.18	143,334.60
Year 5 PV (M)	155,382.56	162,887.59	170,679.86
PV of Terminal Value (M)	5,172,367.90	5,422,195.20	5,681,583.99
Equity Value (M)	5,722,103.63	5,989,981.39	6,267,929.62
Shares Outstanding (M)	21.79	21.79	21.79
Fair Value	$262,662.55	$274,958.98	$287,717.68
Upside / Downside	196.79%	210.69%	225.10%

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Hyundai Department Store Co. Ltd. (069960.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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