DDM Analysis: 002960.KS

Valuation Snapshot

Stable Growth	$2,037,006.53 - $6,230,670.24	$5,839,050.49
Multi-Stage	$872,876.00 - $953,431.50	$912,421.62
Blended Fair Value	$3,375,736.06
Current Price	$414,000.00
Upside	715.40%
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	6.80%	6.80%	6.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,037,006.53	$5,839,050.49	$6,230,670.24
Upside / Downside	392.03%	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	6.80%	6.80%	6.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34,980.79	35,312.36	35,643.93
Year 2 PV (M)	34,859.29	35,523.27	36,193.50
Year 3 PV (M)	34,735.58	35,732.72	36,748.75
Year 4 PV (M)	34,609.73	35,940.72	37,309.74
Year 5 PV (M)	34,481.81	36,147.29	37,876.52
PV of Terminal Value (M)	961,083.81	1,007,504.52	1,055,701.85
Equity Value (M)	1,134,751.02	1,186,160.88	1,239,474.30
Shares Outstanding (M)	1.30	1.30	1.30
Fair Value	$872,876.00	$912,421.62	$953,431.50
Upside / Downside	110.84%	120.39%	130.30%

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6101.T	Tsugami Corporation	2.08%	$59.70	21.18%
9549.SR	Abdulaziz and Mansour Ibrahim Albabtin Co.	2.08%	$0.50	29.71%
FPAR-A.ST	FastPartner AB (publ)	2.08%	$0.97	55.03%
GRNG.ST	Gränges AB (publ)	2.08%	$3.09	34.78%
ZGN	Ermenegildo Zegna N.V.	2.08%	$0.22	28.26%
000983.SZ	Shanxi Coking Coal Energy Group Co.,Ltd.	2.07%	$0.13	44.44%
006090.KS	Oyang Corporation	2.07%	$187.55	43.67%
0O1O.L	Vetoquinol S.A.	2.07%	$1.74	19.10%
1748.HK	Xin Yuan Enterprises Group Limited	2.07%	$0.04	62.70%
4677.KL	YTL Corporation Berhad	2.07%	$0.04	26.42%
603136.SS	Jiangsu Tianmu Lake Tourism Co.,Ltd	2.07%	$0.24	64.23%
7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
MRSA3B.SA	MRS Logística S.A.	2.07%	$0.81	18.86%
OCL.AX	Objective Corporation Limited	2.07%	$0.34	57.76%
TRTN	Triton International Limited	2.07%	$1.65	28.50%
001219.SZ	Qingdao Foods CO.,LTD.	2.06%	$0.29	55.25%
002351.SZ	Edifier Technology Co., Ltd.	2.06%	$0.25	53.80%
004830.KS	Duksung Co., Ltd.	2.06%	$100.30	19.66%
600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
600143.SS	Kingfa Sci. & Tech. Co., Ltd.	2.06%	$0.40	85.82%
7735.T	SCREEN Holdings Co., Ltd.	2.06%	$314.43	32.13%
ALSO3.SA	Aliansce Sonae Shopping Centers S.A.	2.06%	$0.52	9.27%
MLIA.JK	PT Mulia Industrindo Tbk	2.06%	$6.98	27.72%
REA.AX	REA Group Limited	2.06%	$3.81	51.46%
THEON.AS	Theon International PLC	2.06%	$0.55	52.53%
000902.SZ	YONFER Agricultural Technology Co., Ltd.	2.05%	$0.32	26.06%
002938.SZ	Avary Holding(Shenzhen)Co., Limited	2.05%	$1.04	59.37%
036930.KQ	JUSUNG ENGINEERING Co., Ltd.	2.05%	$625.50	45.79%
086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
2730.T	EDION Corporation	2.05%	$43.41	30.64%
4191.SR	Abdullah Saad Mohammed Abo Moati for Bookstores Company	2.05%	$1.01	76.56%
9527.SR	Ame Company For Medical Supplies	2.05%	$2.00	27.73%
BMIN3.SA	Banco Mercantil de Investimentos S.A.	2.05%	$0.47	28.32%
GUAR3.SA	Guararapes Confecções S.A.	2.05%	$0.18	20.09%
MGROS.IS	Migros Ticaret A.S.	2.05%	$10.88	31.41%
MLL.DE	Müller - Die lila Logistik AG	2.05%	$0.10	6.76%
RAY-A.TO	Stingray Group Inc.	2.05%	$0.30	39.32%
VIVA3.SA	Vivara Participações S.A.	2.05%	$0.66	20.93%
268280.KS	Miwon Specialty Chemical Co., Ltd.	2.04%	$2,814.57	22.79%
2869.HK	Greentown Service Group Co. Ltd.	2.04%	$0.09	17.96%
450330.KQ	Hass	2.04%	$131.79	35.27%
605589.SS	Jinan Shengquan Group Share Holding Co., Ltd.	2.04%	$0.58	44.86%
CEK.DE	CeoTronics AG	2.04%	$0.26	34.71%
CSAP.JK	PT Catur Sentosa Adiprana Tbk	2.04%	$6.50	30.53%
ROTH.PA	Rothschild & Co SCA	2.04%	$0.78	13.71%
2476.TW	G-SHANK Enterprise Co., Ltd.	2.03%	$1.85	49.48%
2852.KL	Cahya Mata Sarawak Berhad	2.03%	$0.03	28.80%
3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
4004.SR	Dallah Healthcare Company	2.03%	$2.54	49.37%
601607.SS	Shanghai Pharmaceuticals Holding Co., Ltd	2.03%	$0.36	23.77%

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