DDM Analysis: 002960.KS

Valuation Snapshot

Stable Growth	$2,745,088.82 - $6,230,670.24	$5,839,050.49
Multi-Stage	$958,444.84 - $1,047,390.53	$1,002,106.98
Blended Fair Value	$3,420,578.74
Current Price	$414,000.00
Upside	726.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.69%	3.05%	26,999.71	17,999.81	18,999.80	13,999.85	15,999.83	16,999.82	18,999.80	16,999.82	19,999.78	18,999.80
YoY Growth	-	-	50.00%	-5.26%	35.71%	-12.50%	-5.88%	-10.53%	11.76%	-15.00%	5.26%	-5.00%
Dividend Yield	-	-	8.19%	7.04%	8.26%	5.52%	6.35%	6.91%	5.90%	5.01%	5.03%	3.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40,728.89
(-) Cash Dividends Paid (M)	35,100.00
(=) Cash Retained (M)	5,628.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,145.78	5,091.11	3,054.67
Cash Retained (M)	5,628.89	5,628.89	5,628.89
(-) Cash Required (M)	-8,145.78	-5,091.11	-3,054.67
(=) Excess Retained (M)	-2,516.89	537.78	2,574.23
(/) Shares Outstanding (M)	1.30	1.30	1.30
(=) Excess Retained per Share	-1,936.05	413.67	1,980.15
LTM Dividend per Share	26,999.71	26,999.71	26,999.71
(+) Excess Retained per Share	-1,936.05	413.67	1,980.15
(=) Adjusted Dividend	25,063.66	27,413.38	28,979.86
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,745,088.82	$5,839,050.49	$6,230,670.24
Upside / Downside	563.06%	1,310.40%	1,404.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40,728.89	43,376.27	46,195.73	49,198.45	52,396.35	55,802.11	57,476.18
Payout Ratio	86.18%	86.94%	87.71%	88.47%	89.24%	90.00%	92.50%
Projected Dividends (M)	35,100.00	37,712.93	40,517.24	43,526.78	46,756.37	50,221.90	53,165.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35,090.81	35,423.42	35,756.04
Year 2 PV (M)	35,078.91	35,747.07	36,421.52
Year 3 PV (M)	35,064.36	36,070.93	37,096.58
Year 4 PV (M)	35,047.19	36,395.01	37,781.33
Year 5 PV (M)	35,027.47	36,719.31	38,475.90
PV of Terminal Value (M)	1,070,682.98	1,122,397.37	1,176,090.99
Equity Value (M)	1,245,991.71	1,302,753.10	1,361,622.36
Shares Outstanding (M)	1.30	1.30	1.30
Fair Value	$958,444.84	$1,002,106.98	$1,047,390.53
Upside / Downside	131.51%	142.05%	152.99%

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FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
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USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
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TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
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JBL	Jabil Inc.	0.14%	$0.33	5.48%
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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
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GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Hankook Shell Oil Co.,Ltd. (002960.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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