DDM Analysis: 002960.KS

Valuation Snapshot

Stable Growth	$2,747,392.27 - $6,230,670.24	$5,839,050.49
Multi-Stage	$958,671.26 - $1,047,639.16	$1,002,344.29
Blended Fair Value	$3,420,697.39
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	$2,747,392.27	$5,839,050.49	$6,230,670.24
Upside / Downside	563.62%	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)	35,091.07	35,423.69	35,756.31
Year 2 PV (M)	35,079.44	35,747.61	36,422.08
Year 3 PV (M)	35,065.15	36,071.75	37,097.42
Year 4 PV (M)	35,048.25	36,396.11	37,782.48
Year 5 PV (M)	35,028.80	36,720.70	38,477.36
PV of Terminal Value (M)	1,070,973.34	1,122,701.75	1,176,409.93
Equity Value (M)	1,246,286.06	1,303,061.61	1,361,945.57
Shares Outstanding (M)	1.30	1.30	1.30
Fair Value	$958,671.26	$1,002,344.29	$1,047,639.16
Upside / Downside	131.56%	142.11%	153.05%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
603060.SS	China Testing & Certification International Group Co.,Ltd.	2.34%	$0.14	65.87%
603527.SS	Anhui Zhongyuan New Materials Co., Ltd.	2.34%	$0.26	60.72%
6239.T	Nagaoka International Corporation	2.34%	$33.90	30.69%
7277.KL	Dialog Group Berhad	2.34%	$0.04	78.99%
7708.TWO	Family International Gourmet Co. Ltd.	2.34%	$2.24	40.19%
7947.T	FP Corporation	2.34%	$61.47	35.92%
7966.T	LINTEC Corporation	2.34%	$103.34	53.86%
ENGI11.SA	Energisa S.A.	2.34%	$1.10	76.21%
IHG.L	InterContinental Hotels Group PLC	2.34%	$3.28	37.32%
JR.BK	J.R.W. Utility Public Company Limited	2.34%	$0.04	36.34%
SMRA.JK	PT Summarecon Agung Tbk	2.34%	$8.99	15.00%
002056.SZ	Hengdian Group DMEGC Magnetics Co. ,Ltd	2.33%	$0.45	30.92%
002538.SZ	Anhui Sierte Fertilizer industry Ltd. ,company	2.33%	$0.15	57.55%
0QMR.L	BELIMO Holding AG	2.33%	$17.99	69.21%
1322.SR	Al Masane Al Kobra Mining Company	2.33%	$2.08	73.41%
300743.SZ	Hangzhou Todaytec Digital Co., Ltd	2.33%	$0.52	71.84%
601566.SS	Joeone Co., Ltd.	2.33%	$0.31	50.03%
605319.SS	Wuxi Zhenhua Auto Parts Co., Ltd.	2.33%	$0.49	37.82%
GIMB.BR	Gimv N.V.	2.33%	$1.02	9.10%
MOSHI.BK	Moshi Moshi Retail Corporation Public Company Limited	2.33%	$0.81	43.67%
002939.SZ	China Great Wall Securities Co.,Ltd.	2.32%	$0.24	39.54%
004360.KS	Sebang Co., Ltd	2.32%	$325.95	11.33%
1283.HK	Accel Group Holdings Limited	2.32%	$0.04	37.03%
2301.T	Gakujo Co., Ltd.	2.32%	$40.61	28.97%
4887.T	Sawai Group Holdings Co., Ltd.	2.32%	$54.74	64.15%
600079.SS	Humanwell Healthcare (Group) Co.,Ltd.	2.32%	$0.42	48.02%
600299.SS	Bluestar Adisseo Company	2.32%	$0.21	46.81%
605158.SS	Zhejiang Huada New Materials Co., Ltd.	2.32%	$0.19	57.15%
7287.T	Nippon Seiki Co., Ltd.	2.32%	$50.60	31.92%
7914.T	Kyodo Printing Co., Ltd.	2.32%	$36.67	27.27%
AZZA3.SA	Azzas 2154 S.A.	2.32%	$0.59	15.77%
HUFV-A.ST	Hufvudstaden AB (publ)	2.32%	$2.82	51.40%
002043.SZ	DeHua TB New Decoration Material Co.,Ltd	2.31%	$0.33	37.20%
1214.SR	Al Hassan Ghazi Ibrahim Shaker Company	2.31%	$0.50	34.65%
300832.SZ	Shenzhen New Industries Biomedical Engineering Co., Ltd.	2.31%	$1.30	61.96%
600233.SS	YTO Express Group Co.,Ltd.	2.31%	$0.38	32.72%
6277.T	Hosokawa Micron Corporation	2.31%	$130.24	42.63%
6728.T	ULVAC, Inc.	2.31%	$163.69	55.14%
9251.T	AB&Company Co.,Ltd.	2.31%	$27.86	39.35%
9783.T	Benesse Holdings, Inc.	2.31%	$59.98	89.83%
ALLEC.PA	Cogelec S.A.	2.31%	$0.67	46.99%
ELIT.JK	PT Data Sinergitama Jaya Tbk	2.31%	$5.00	34.02%
LUXF.BK	Luxury Real Estate Investment Fund	2.31%	$0.21	14.86%
STEC-R.BK	Sino-Thai Engineering and Construction Public Company Limited	2.31%	$0.15	95.24%
000513.SZ	Livzon Pharmaceutical Group Inc.	2.30%	$0.79	32.65%
000959.SZ	Beijing Shougang Co., Ltd.	2.30%	$0.11	71.65%
002941.SZ	Xinjiang Communications Construction Group Co., Ltd.	2.30%	$0.36	43.85%
2838.TW	Union Bank of Taiwan	2.30%	$0.45	36.18%
2947.TWO	Zhen Yu Hardware Co., Ltd.	2.30%	$1.90	56.70%
2HRA.DE	H&R GmbH & Co. KGaA	2.30%	$0.10	45.84%

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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