DDM Analysis: 039130.KS

Valuation Snapshot

Stable Growth	$291,533.65 - $872,088.77	$817,274.89
Multi-Stage	$120,458.82 - $131,724.55	$125,988.71
Blended Fair Value	$471,631.80
Current Price	$50,200.00
Upside	839.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	39.69%	18.72%	5,077.63	17.87	22.76	191.90	481.15	954.56	1,171.68	1,101.65	1,089.25	1,038.36
YoY Growth	-	-	28,314.02%	-21.47%	-88.14%	-60.12%	-49.59%	-18.53%	6.36%	1.14%	4.90%	13.75%
Dividend Yield	-	-	9.44%	0.03%	0.04%	0.23%	0.74%	2.67%	1.67%	0.95%	1.42%	1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67,933.03
(-) Cash Dividends Paid (M)	37,487.52
(=) Cash Retained (M)	30,445.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,586.61	8,491.63	5,094.98
Cash Retained (M)	30,445.51	30,445.51	30,445.51
(-) Cash Required (M)	-13,586.61	-8,491.63	-5,094.98
(=) Excess Retained (M)	16,858.90	21,953.88	25,350.53
(/) Shares Outstanding (M)	15.49	15.49	15.49
(=) Excess Retained per Share	1,088.25	1,417.13	1,636.39
LTM Dividend per Share	2,419.84	2,419.84	2,419.84
(+) Excess Retained per Share	1,088.25	1,417.13	1,636.39
(=) Adjusted Dividend	3,508.09	3,836.97	4,056.23
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$291,533.65	$817,274.89	$872,088.77
Upside / Downside	480.74%	1,528.04%	1,637.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67,933.03	72,348.68	77,051.34	82,059.68	87,393.56	93,074.14	95,866.36
Payout Ratio	55.18%	62.15%	69.11%	76.07%	83.04%	90.00%	92.50%
Projected Dividends (M)	37,487.52	44,962.13	53,250.05	62,425.44	72,568.65	83,766.72	88,676.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41,715.99	42,111.40	42,506.81
Year 2 PV (M)	45,838.60	46,711.69	47,593.03
Year 3 PV (M)	49,857.27	51,288.49	52,746.85
Year 4 PV (M)	53,773.90	55,841.89	57,968.97
Year 5 PV (M)	57,590.34	60,371.98	63,260.07
PV of Terminal Value (M)	1,617,341.87	1,695,460.09	1,776,568.07
Equity Value (M)	1,866,117.96	1,951,785.54	2,040,643.79
Shares Outstanding (M)	15.49	15.49	15.49
Fair Value	$120,458.82	$125,988.71	$131,724.55
Upside / Downside	139.96%	150.97%	162.40%

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Hanatour Service Inc. (039130.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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