DDM Analysis: 008930.KS

Valuation Snapshot

Stable Growth	$32,759.13 - $126,255.18	$55,403.25
Multi-Stage	$20,421.59 - $22,333.12	$21,359.92
Blended Fair Value	$38,381.58
Current Price	$38,900.00
Upside	-1.33%
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	10.32%	0.00%	302.41	198.38	196.27	192.46	188.72	185.04	181.44	0.00	410.97	0.00
YoY Growth	-	-	52.44%	1.08%	1.98%	1.98%	1.99%	1.98%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	1.15%	0.53%	0.50%	0.44%	0.34%	0.73%	0.25%	0.00%	0.79%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75,141.59
(-) Cash Dividends Paid (M)	13,542.74
(=) Cash Retained (M)	61,598.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,028.32	9,392.70	5,635.62
Cash Retained (M)	61,598.85	61,598.85	61,598.85
(-) Cash Required (M)	-15,028.32	-9,392.70	-5,635.62
(=) Excess Retained (M)	46,570.53	52,206.15	55,963.23
(/) Shares Outstanding (M)	67.21	67.21	67.21
(=) Excess Retained per Share	692.95	776.80	832.71
LTM Dividend per Share	201.51	201.51	201.51
(+) Excess Retained per Share	692.95	776.80	832.71
(=) Adjusted Dividend	894.46	978.32	1,034.22
WACC / Discount Rate	8.38%	8.38%	8.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32,759.13	$55,403.25	$126,255.18
Upside / Downside	-15.79%	42.42%	224.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75,141.59	80,025.79	85,227.47	90,767.26	96,667.13	102,950.49	106,039.01
Payout Ratio	18.02%	32.42%	46.81%	61.21%	75.60%	90.00%	92.50%
Projected Dividends (M)	13,542.74	25,943.06	39,898.20	55,557.90	73,084.79	92,655.44	98,086.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.38%	8.38%	8.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23,712.24	23,937.00	24,161.76
Year 2 PV (M)	33,331.59	33,966.46	34,607.32
Year 3 PV (M)	42,422.85	43,640.66	44,881.55
Year 4 PV (M)	51,007.31	52,968.91	54,986.55
Year 5 PV (M)	59,105.48	61,960.29	64,924.37
PV of Terminal Value (M)	1,162,879.18	1,219,046.68	1,277,363.84
Equity Value (M)	1,372,458.64	1,435,520.00	1,500,925.39
Shares Outstanding (M)	67.21	67.21	67.21
Fair Value	$20,421.59	$21,359.92	$22,333.12
Upside / Downside	-47.50%	-45.09%	-42.59%

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Hanmi Science Co., Ltd. (008930.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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