DDM Analysis: 010690.KS

Valuation Snapshot

Stable Growth	$90,806.01 - $221,967.17	$208,015.74
Multi-Stage	$31,824.75 - $34,861.33	$33,315.04
Blended Fair Value	$120,665.39
Current Price	$8,220.00
Upside	1,367.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.65%	2.91%	148.56	93.84	65.69	46.92	46.92	23.46	46.92	93.84	94.92	94.92
YoY Growth	-	-	58.31%	42.86%	40.00%	0.00%	100.01%	-50.00%	-50.00%	-1.14%	0.00%	-14.90%
Dividend Yield	-	-	1.93%	0.87%	0.53%	0.64%	0.96%	1.34%	1.92%	2.36%	1.47%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39,159.70
(-) Cash Dividends Paid (M)	5,212.24
(=) Cash Retained (M)	33,947.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,831.94	4,894.96	2,936.98
Cash Retained (M)	33,947.46	33,947.46	33,947.46
(-) Cash Required (M)	-7,831.94	-4,894.96	-2,936.98
(=) Excess Retained (M)	26,115.52	29,052.50	31,010.48
(/) Shares Outstanding (M)	35.09	35.09	35.09
(=) Excess Retained per Share	744.33	828.04	883.85
LTM Dividend per Share	148.56	148.56	148.56
(+) Excess Retained per Share	744.33	828.04	883.85
(=) Adjusted Dividend	892.89	976.60	1,032.41
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$90,806.01	$208,015.74	$221,967.17
Upside / Downside	1,004.70%	2,430.61%	2,600.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39,159.70	41,705.08	44,415.91	47,302.94	50,377.63	53,652.18	55,261.74
Payout Ratio	13.31%	28.65%	43.99%	59.32%	74.66%	90.00%	92.50%
Projected Dividends (M)	5,212.24	11,947.74	19,536.84	28,062.04	37,612.97	48,286.96	51,117.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11,109.30	11,214.60	11,319.90
Year 2 PV (M)	16,891.02	17,212.75	17,537.51
Year 3 PV (M)	22,559.10	23,206.69	23,866.56
Year 4 PV (M)	28,115.19	29,196.42	30,308.54
Year 5 PV (M)	33,560.94	35,181.95	36,864.99
PV of Terminal Value (M)	1,004,359.74	1,052,870.69	1,103,238.27
Equity Value (M)	1,116,595.29	1,168,883.09	1,223,135.77
Shares Outstanding (M)	35.09	35.09	35.09
Fair Value	$31,824.75	$33,315.04	$34,861.33
Upside / Downside	287.16%	305.29%	324.10%

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HWASHIN CO.,Ltd (010690.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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