DDM Analysis: 180640.KS

Valuation Snapshot

Stable Growth	$88,724.50 - $155,888.74	$117,284.78
Multi-Stage	$83,705.12 - $91,637.88	$87,598.22
Blended Fair Value	$102,441.50
Current Price	$118,200.00
Upside	-13.33%
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	5.69%	17.47%	353.63	224.25	35.63	35.63	227.90	268.09	111.82	85.65	158.31	132.10
YoY Growth	-	-	57.70%	529.32%	0.00%	-84.36%	-14.99%	139.75%	30.56%	-45.90%	19.84%	86.89%
Dividend Yield	-	-	0.44%	0.36%	0.08%	0.06%	0.40%	0.36%	0.44%	0.41%	0.81%	0.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	434,392.40
(-) Cash Dividends Paid (M)	24,080.17
(=) Cash Retained (M)	410,312.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	86,878.48	54,299.05	32,579.43
Cash Retained (M)	410,312.23	410,312.23	410,312.23
(-) Cash Required (M)	-86,878.48	-54,299.05	-32,579.43
(=) Excess Retained (M)	323,433.75	356,013.18	377,732.80
(/) Shares Outstanding (M)	66.86	66.86	66.86
(=) Excess Retained per Share	4,837.68	5,324.97	5,649.84
LTM Dividend per Share	360.17	360.17	360.17
(+) Excess Retained per Share	4,837.68	5,324.97	5,649.84
(=) Adjusted Dividend	5,197.85	5,685.15	6,010.01
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	3.69%	4.69%	5.69%
Fair Value	$88,724.50	$117,284.78	$155,888.74
Upside / Downside	-24.94%	-0.77%	31.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	434,392.40	454,786.91	476,138.94	498,493.44	521,897.47	546,400.31	562,792.32
Payout Ratio	5.54%	22.43%	39.33%	56.22%	73.11%	90.00%	92.50%
Projected Dividends (M)	24,080.17	102,030.22	187,246.63	280,239.88	381,552.37	491,760.28	520,582.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	3.69%	4.69%	5.69%
Year 1 PV (M)	92,061.43	92,949.24	93,837.05
Year 2 PV (M)	152,444.50	155,398.92	158,381.70
Year 3 PV (M)	205,862.17	211,875.59	218,004.99
Year 4 PV (M)	252,900.46	262,798.04	272,983.34
Year 5 PV (M)	294,101.87	308,559.14	323,579.45
PV of Terminal Value (M)	4,598,923.96	4,824,994.96	5,059,870.28
Equity Value (M)	5,596,294.37	5,856,575.90	6,126,656.81
Shares Outstanding (M)	66.86	66.86	66.86
Fair Value	$83,705.12	$87,598.22	$91,637.88
Upside / Downside	-29.18%	-25.89%	-22.47%

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PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
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FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
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VSEC	VSE Corporation	0.22%	$0.40	30.98%
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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%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
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%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
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EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
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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Hanjin Kal (180640.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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