DDM Analysis: HAFC

Valuation Snapshot

Stable Growth	$60.32 - $173.95	$94.56
Multi-Stage	$41.26 - $45.04	$43.11
Blended Fair Value	$68.84
Current Price	$24.69
Upside	178.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.40%	16.33%	1.01	1.02	0.95	0.55	0.53	0.99	1.03	0.86	0.85	0.43
YoY Growth	-	-	-0.51%	6.63%	73.40%	3.47%	-46.40%	-3.70%	19.80%	0.58%	100.74%	90.96%
Dividend Yield	-	-	4.47%	6.57%	5.14%	2.24%	2.69%	9.14%	4.72%	2.80%	2.78%	1.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.55
(-) Cash Dividends Paid (M)	32.08
(=) Cash Retained (M)	40.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.51	9.07	5.44
Cash Retained (M)	40.47	40.47	40.47
(-) Cash Required (M)	-14.51	-9.07	-5.44
(=) Excess Retained (M)	25.96	31.40	35.02
(/) Shares Outstanding (M)	30.02	30.02	30.02
(=) Excess Retained per Share	0.86	1.05	1.17
LTM Dividend per Share	1.07	1.07	1.07
(+) Excess Retained per Share	0.86	1.05	1.17
(=) Adjusted Dividend	1.93	2.11	2.24
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.32	$94.56	$173.95
Upside / Downside	144.30%	283.00%	604.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.55	77.26	82.28	87.63	93.33	99.39	102.37
Payout Ratio	44.22%	53.38%	62.53%	71.69%	80.84%	90.00%	92.50%
Projected Dividends (M)	32.08	41.24	51.45	62.82	75.45	89.45	94.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	37.52	37.88	38.23
Year 2 PV (M)	42.59	43.40	44.22
Year 3 PV (M)	47.31	48.67	50.05
Year 4 PV (M)	51.70	53.68	55.73
Year 5 PV (M)	55.76	58.46	61.25
PV of Terminal Value (M)	1,003.69	1,052.17	1,102.50
Equity Value (M)	1,238.57	1,294.25	1,351.99
Shares Outstanding (M)	30.02	30.02	30.02
Fair Value	$41.26	$43.11	$45.04
Upside / Downside	67.11%	74.62%	82.41%

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Hanmi Financial Corporation (HAFC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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