DDM Analysis: 241590.KS

Valuation Snapshot

Stable Growth	$1,519.16 - $3,914.29	$2,302.54
Multi-Stage	$5,827.21 - $6,428.23	$6,121.78
Blended Fair Value	$4,212.16
Current Price	$6,060.00
Upside	-30.49%
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	4.91%	0.00%	35.20	35.32	35.14	55.35	35.12	27.70	18.08	12.15	0.00	0.00
YoY Growth	-	-	-0.34%	0.50%	-36.51%	57.58%	26.82%	53.16%	48.80%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.42%	0.47%	0.41%	0.36%	0.19%	0.26%	0.15%	0.11%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,464.59
(-) Cash Dividends Paid (M)	2,735.57
(=) Cash Retained (M)	2,729.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,092.92	683.07	409.84
Cash Retained (M)	2,729.02	2,729.02	2,729.02
(-) Cash Required (M)	-1,092.92	-683.07	-409.84
(=) Excess Retained (M)	1,636.10	2,045.95	2,319.17
(/) Shares Outstanding (M)	77.56	77.56	77.56
(=) Excess Retained per Share	21.10	26.38	29.90
LTM Dividend per Share	35.27	35.27	35.27
(+) Excess Retained per Share	21.10	26.38	29.90
(=) Adjusted Dividend	56.37	61.65	65.17
WACC / Discount Rate	3.10%	3.10%	3.10%
Growth Rate	-0.59%	0.41%	1.41%
Fair Value	$1,519.16	$2,302.54	$3,914.29
Upside / Downside	-74.93%	-62.00%	-35.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,464.59	5,487.08	5,509.66	5,532.33	5,555.10	5,577.96	5,745.30
Payout Ratio	50.06%	58.05%	66.04%	74.02%	82.01%	90.00%	92.50%
Projected Dividends (M)	2,735.57	3,185.13	3,638.35	4,095.25	4,555.85	5,020.16	5,314.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.10%	3.10%	3.10%
Growth Rate	-0.59%	0.41%	1.41%
Year 1 PV (M)	3,058.60	3,089.36	3,120.13
Year 2 PV (M)	3,355.01	3,422.85	3,491.36
Year 3 PV (M)	3,626.30	3,736.84	3,849.60
Year 4 PV (M)	3,873.88	4,032.12	4,195.16
Year 5 PV (M)	4,099.11	4,309.47	4,528.37
PV of Terminal Value (M)	433,936.22	456,205.00	479,378.76
Equity Value (M)	451,949.12	474,795.63	498,563.39
Shares Outstanding (M)	77.56	77.56	77.56
Fair Value	$5,827.21	$6,121.78	$6,428.23
Upside / Downside	-3.84%	1.02%	6.08%

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Financial Statements

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Hwaseung Enterprise Co., Ltd. (241590.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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