DDM Analysis: 013520.KS

Valuation Snapshot

Stable Growth	$16,710.25 - $41,150.93	$24,961.44
Multi-Stage	$19,528.45 - $21,440.22	$20,466.25
Blended Fair Value	$22,713.84
Current Price	$2,075.00
Upside	994.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.84%	7.48%	66.87	66.87	33.44	33.44	38.80	41.82	42.86	76.81	65.02	32.51
YoY Growth	-	-	0.00%	100.00%	-0.01%	-13.81%	-7.24%	-2.43%	-44.20%	18.12%	100.00%	0.00%
Dividend Yield	-	-	4.13%	3.47%	1.69%	1.74%	2.15%	2.84%	2.04%	3.35%	1.68%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35,735.44
(-) Cash Dividends Paid (M)	4,754.70
(=) Cash Retained (M)	30,980.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,147.09	4,466.93	2,680.16
Cash Retained (M)	30,980.73	30,980.73	30,980.73
(-) Cash Required (M)	-7,147.09	-4,466.93	-2,680.16
(=) Excess Retained (M)	23,833.65	26,513.80	28,300.58
(/) Shares Outstanding (M)	45.80	45.80	45.80
(=) Excess Retained per Share	520.38	578.90	617.91
LTM Dividend per Share	103.81	103.81	103.81
(+) Excess Retained per Share	520.38	578.90	617.91
(=) Adjusted Dividend	624.19	682.71	721.72
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.70%	3.70%	4.70%
Fair Value	$16,710.25	$24,961.44	$41,150.93
Upside / Downside	705.31%	1,102.96%	1,883.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35,735.44	37,058.19	38,429.92	39,852.41	41,327.56	42,857.32	44,143.04
Payout Ratio	13.31%	28.64%	43.98%	59.32%	74.66%	90.00%	92.50%
Projected Dividends (M)	4,754.70	10,615.03	16,902.70	23,641.29	30,855.60	38,571.59	40,832.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.70%	3.70%	4.70%
Year 1 PV (M)	9,867.55	9,963.63	10,059.71
Year 2 PV (M)	14,606.01	14,891.84	15,180.43
Year 3 PV (M)	18,990.43	19,550.58	20,121.63
Year 4 PV (M)	23,040.16	23,950.71	24,887.99
Year 5 PV (M)	26,773.61	28,102.71	29,484.07
PV of Terminal Value (M)	801,134.87	840,904.91	882,238.91
Equity Value (M)	894,412.64	937,364.37	981,972.74
Shares Outstanding (M)	45.80	45.80	45.80
Fair Value	$19,528.45	$20,466.25	$21,440.22
Upside / Downside	841.13%	886.33%	933.26%

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Financial Statements

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Hwaseung Corporation Co.,Ltd. (013520.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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