DDM Analysis: 014680.KS

Valuation Snapshot

Stable Growth	$365,579.43 - $1,150,436.95	$587,376.16
Multi-Stage	$237,051.95 - $259,212.06	$247,930.04
Blended Fair Value	$417,653.10
Current Price	$209,000.00
Upside	99.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.18%	15.60%	2,124.83	2,237.36	2,263.44	1,910.42	1,495.52	1,196.04	997.00	1,086.63	911.50	598.20
YoY Growth	-	-	-5.03%	-1.15%	18.48%	27.74%	25.04%	19.96%	-8.25%	19.21%	52.37%	20.00%
Dividend Yield	-	-	1.80%	1.10%	0.95%	0.78%	0.62%	1.52%	1.21%	1.54%	1.19%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	154,003.45
(-) Cash Dividends Paid (M)	23,858.96
(=) Cash Retained (M)	130,144.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30,800.69	19,250.43	11,550.26
Cash Retained (M)	130,144.49	130,144.49	130,144.49
(-) Cash Required (M)	-30,800.69	-19,250.43	-11,550.26
(=) Excess Retained (M)	99,343.80	110,894.06	118,594.23
(/) Shares Outstanding (M)	11.12	11.12	11.12
(=) Excess Retained per Share	8,932.59	9,971.14	10,663.51
LTM Dividend per Share	2,145.30	2,145.30	2,145.30
(+) Excess Retained per Share	8,932.59	9,971.14	10,663.51
(=) Adjusted Dividend	11,077.89	12,116.44	12,808.81
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$365,579.43	$587,376.16	$1,150,436.95
Upside / Downside	74.92%	181.04%	450.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	154,003.45	164,013.68	174,674.56	186,028.41	198,120.26	210,998.07	217,328.02
Payout Ratio	15.49%	30.39%	45.30%	60.20%	75.10%	90.00%	92.50%
Projected Dividends (M)	23,858.96	49,850.29	79,119.70	111,983.51	148,785.33	189,898.27	201,028.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45,431.12	45,861.75	46,292.37
Year 2 PV (M)	65,713.73	66,965.39	68,228.86
Year 3 PV (M)	84,763.97	87,197.23	89,676.63
Year 4 PV (M)	102,636.79	106,583.91	110,643.80
Year 5 PV (M)	119,384.97	125,151.31	131,138.34
PV of Terminal Value (M)	2,218,442.74	2,325,594.35	2,436,846.91
Equity Value (M)	2,636,373.31	2,757,353.94	2,882,826.91
Shares Outstanding (M)	11.12	11.12	11.12
Fair Value	$237,051.95	$247,930.04	$259,212.06
Upside / Downside	13.42%	18.63%	24.02%

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Hansol Chemical Co., Ltd. (014680.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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