DDM Analysis: 294870.KS

Valuation Snapshot

Stable Growth	$27,688.21 - $42,844.44	$34,715.94
Multi-Stage	$62,009.32 - $68,331.16	$65,107.81
Blended Fair Value	$49,911.87
Current Price	$20,350.00
Upside	145.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2016	2015
DPS	15.38%	0.00%	696.10	612.73	612.73	612.73	340.38	340.38	0.00	380.94	0.00	0.00
YoY Growth	-	-	13.61%	0.00%	0.00%	80.01%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.48%	3.47%	5.43%	4.06%	1.16%	2.19%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	191,890.07
(-) Cash Dividends Paid (M)	44,918.53
(=) Cash Retained (M)	146,971.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38,378.01	23,986.26	14,391.76
Cash Retained (M)	146,971.54	146,971.54	146,971.54
(-) Cash Required (M)	-38,378.01	-23,986.26	-14,391.76
(=) Excess Retained (M)	108,593.53	122,985.28	132,579.79
(/) Shares Outstanding (M)	64.53	64.53	64.53
(=) Excess Retained per Share	1,682.88	1,905.91	2,054.59
LTM Dividend per Share	696.10	696.10	696.10
(+) Excess Retained per Share	1,682.88	1,905.91	2,054.59
(=) Adjusted Dividend	2,378.98	2,602.01	2,750.70
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$27,688.21	$34,715.94	$42,844.44
Upside / Downside	36.06%	70.59%	110.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	191,890.07	189,971.17	188,071.46	186,190.75	184,328.84	182,485.55	187,960.12
Payout Ratio	23.41%	36.73%	50.05%	63.36%	76.68%	90.00%	92.50%
Projected Dividends (M)	44,918.53	69,770.29	94,120.52	117,976.77	141,346.48	164,237.00	173,863.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	64,898.90	65,561.14	66,223.37
Year 2 PV (M)	81,436.29	83,106.73	84,794.14
Year 3 PV (M)	94,950.44	97,886.85	100,883.18
Year 4 PV (M)	105,816.24	110,201.83	114,722.34
Year 5 PV (M)	114,368.16	120,323.58	126,524.54
PV of Terminal Value (M)	3,539,898.19	3,724,228.90	3,916,159.69
Equity Value (M)	4,001,368.22	4,201,309.02	4,409,307.26
Shares Outstanding (M)	64.53	64.53	64.53
Fair Value	$62,009.32	$65,107.81	$68,331.16
Upside / Downside	204.71%	219.94%	235.78%

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HDC Hyundai Development Company (294870.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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