DDM Analysis: 002960.KS

Valuation Snapshot

Stable Growth	$1,665,370.44 - $6,230,670.24	$4,967,165.89
Multi-Stage	$810,169.26 - $884,580.45	$846,700.25
Blended Fair Value	$2,906,933.07
Current Price	$414,000.00
Upside	602.16%
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	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,665,370.44	$4,967,165.89	$6,230,670.24
Upside / Downside	302.26%	1,099.80%	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	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34,886.17	35,216.84	35,547.52
Year 2 PV (M)	34,670.96	35,331.34	35,997.96
Year 3 PV (M)	34,454.46	35,443.53	36,451.34
Year 4 PV (M)	34,236.77	35,553.42	36,907.68
Year 5 PV (M)	34,017.95	35,661.03	37,366.99
PV of Terminal Value (M)	880,965.07	923,516.02	967,695.48
Equity Value (M)	1,053,231.38	1,100,722.18	1,149,966.97
Shares Outstanding (M)	1.30	1.30	1.30
Fair Value	$810,169.26	$846,700.25	$884,580.45
Upside / Downside	95.69%	104.52%	113.67%

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Financial Statements

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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