DDM Analysis: HAFC

Valuation Snapshot

Stable Growth	$91.44 - $480.60	$183.02
Multi-Stage	$51.93 - $56.76	$54.30
Blended Fair Value	$118.66
Current Price	$24.69
Upside	380.60%
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	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.44	$183.02	$480.60
Upside / Downside	270.36%	641.26%	1,846.52%

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	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	37.92	38.28	38.64
Year 2 PV (M)	43.51	44.33	45.17
Year 3 PV (M)	48.84	50.24	51.67
Year 4 PV (M)	53.94	56.01	58.15
Year 5 PV (M)	58.81	61.65	64.60
PV of Terminal Value (M)	1,316.00	1,379.56	1,445.55
Equity Value (M)	1,559.01	1,630.08	1,703.78
Shares Outstanding (M)	30.02	30.02	30.02
Fair Value	$51.93	$54.30	$56.76
Upside / Downside	110.34%	119.93%	129.87%

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Financial Statements

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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

High-Yield Dividend Screener