DDM Analysis: 002960.KS

Valuation Snapshot

Stable Growth	$2,747,933.20 - $6,230,670.24	$5,839,050.49
Multi-Stage	$958,724.39 - $1,047,697.50	$1,002,399.97
Blended Fair Value	$3,420,725.23
Current Price	$414,000.00
Upside	726.26%
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	$2,747,933.20	$5,839,050.49	$6,230,670.24
Upside / Downside	563.75%	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)	35,091.14	35,423.75	35,756.37
Year 2 PV (M)	35,079.57	35,747.73	36,422.21
Year 3 PV (M)	35,065.34	36,071.94	37,097.62
Year 4 PV (M)	35,048.50	36,396.37	37,782.74
Year 5 PV (M)	35,029.11	36,721.03	38,477.70
PV of Terminal Value (M)	1,071,041.47	1,122,773.17	1,176,484.77
Equity Value (M)	1,246,355.13	1,303,134.00	1,362,021.41
Shares Outstanding (M)	1.30	1.30	1.30
Fair Value	$958,724.39	$1,002,399.97	$1,047,697.50
Upside / Downside	131.58%	142.13%	153.07%

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600415.SS	Zhejiang China Commodities City Group Co., Ltd.	2.55%	$0.41	53.66%
601808.SS	China Oilfield Services Limited	2.55%	$0.36	43.75%
7606.T	United Arrows Ltd.	2.55%	$62.63	43.42%
CYRE3.SA	Cyrela Brazil Realty S.A. Empreendimentos e Participações	2.55%	$0.61	12.29%
JUNGH.SW	Jungheinrich AG	2.55%	$0.79	22.62%
RENT3.SA	Localiza Rent a Car S.A.	2.55%	$1.11	66.67%
002380.KS	KCC Corporation	2.54%	$10,000.23	6.25%
1527.HK	Zhejiang Tengy Environmental Technology Co., Ltd	2.54%	$0.05	4.95%
5212.KL	Pavilion Real Estate Investment Trust	2.54%	$0.05	39.63%
5489.TWO	DynaColor, Inc.	2.54%	$1.02	50.42%
600273.SS	Zhejiang Jiahua Energy Chemical Industry Co.,Ltd.	2.54%	$0.22	28.18%
600724.SS	Ningbo Fuda Company Limited	2.54%	$0.15	96.79%
7505.T	Fuso Dentsu Co., Ltd.	2.54%	$48.50	22.36%
8850.T	Starts Corporation Inc.	2.54%	$121.52	25.36%
BLAU3.SA	Blau Farmacêutica S.A.	2.54%	$0.35	19.81%
2367.HK	Giant Biogene Holding Co., Ltd.	2.53%	$0.87	22.55%
2701.TW	Wan Hwa Enterprise Company Ltd.	2.53%	$0.28	52.89%
600963.SS	Yueyang Forest & Paper Co., Ltd.	2.53%	$0.12	48.95%
603697.SS	YouYou Foods Co., Ltd.	2.53%	$0.31	63.16%
CK-R.BK	CH. Karnchang Public Company Limited	2.53%	$0.30	25.56%
SCHO.CO	Aktieselskabet Schouw & Co.	2.53%	$16.81	42.51%
003006.SZ	Chongqing Baiya Sanitary Products Co., Ltd.	2.52%	$0.55	80.44%
5191.T	Sumitomo Riko Company Limited	2.52%	$66.01	23.54%
600406.SS	NARI Technology Co., Ltd.	2.52%	$0.57	56.63%
600909.SS	Huaan Securities Co., Ltd.	2.52%	$0.17	38.30%
603811.SS	Zhejiang Cheng Yi Pharmaceutical Co., Ltd.	2.52%	$0.26	37.15%
BESALCO.SN	Besalco S.A.	2.52%	$30.59	34.76%
000019.SZ	Shenzhen Cereals Holdings Co., Ltd.	2.51%	$0.17	62.11%
094820.KQ	Iljin Power Co., Ltd.	2.51%	$320.01	48.44%
0QVR.L	Scandi Standard AB (publ)	2.51%	$2.49	52.58%
4041.T	Nippon Soda Co., Ltd.	2.51%	$90.77	32.02%
600056.SS	China Meheco Group Co., Ltd.	2.51%	$0.26	71.36%
605169.SS	Xinjiang Hongtong Natural Gas Co., Ltd.	2.51%	$0.33	91.06%
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7483.T	Doshisha Co.,Ltd.	2.51%	$82.93	37.87%
GPSC-R.BK	Global Power Synergy Public Company Limited	2.51%	$0.90	51.48%
HOVE.CO	Hove A/S	2.51%	$0.14	34.71%
NOLA-B.ST	Nolato AB (publ)	2.51%	$1.50	51.20%
0QNH.L	Huber+Suhner AG	2.50%	$3.61	49.61%
100840.KS	SNT Energy Co., Ltd.	2.50%	$899.87	27.57%
138490.KS	Kolon Plastics, Inc.	2.50%	$200.40	17.45%
2612.T	Kadoya Sesame Mills Incorporated	2.50%	$99.85	34.73%
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ISCTR.IS	Türkiye Is Bankasi A.S.	2.50%	$0.36	16.38%
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Financial Statements

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Sector

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

High-Yield Dividend Screener