DDM Analysis: 001750.KS

Valuation Snapshot

Stable Growth	$129,088.82 - $540,556.85	$222,466.33
Multi-Stage	$77,845.70 - $85,220.16	$81,465.31
Blended Fair Value	$151,965.82
Current Price	$17,680.00
Upside	759.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.74%	11.69%	787.19	787.26	933.35	671.62	364.10	260.60	364.10	364.10	415.85	364.10
YoY Growth	-	-	-0.01%	-15.65%	38.97%	84.46%	39.72%	-28.43%	0.00%	-12.44%	14.21%	39.72%
Dividend Yield	-	-	6.74%	7.40%	10.48%	4.70%	3.22%	4.89%	5.33%	4.75%	5.62%	4.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54,292.82
(-) Cash Dividends Paid (M)	0.70
(=) Cash Retained (M)	54,292.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,858.56	6,786.60	4,071.96
Cash Retained (M)	54,292.11	54,292.11	54,292.11
(-) Cash Required (M)	-10,858.56	-6,786.60	-4,071.96
(=) Excess Retained (M)	43,433.55	47,505.51	50,220.15
(/) Shares Outstanding (M)	12.76	12.76	12.76
(=) Excess Retained per Share	3,405.22	3,724.46	3,937.29
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	3,405.22	3,724.46	3,937.29
(=) Adjusted Dividend	3,405.27	3,724.52	3,937.35
WACC / Discount Rate	8.28%	8.28%	8.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$129,088.82	$222,466.33	$540,556.85
Upside / Downside	630.14%	1,158.29%	2,957.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54,292.82	57,821.85	61,580.27	65,582.99	69,845.88	74,385.86	76,617.44
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.70	10,408.53	22,169.38	35,415.15	50,289.22	66,947.28	70,871.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.28%	8.28%	8.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,522.08	9,612.34	9,702.60
Year 2 PV (M)	18,554.04	18,907.44	19,264.18
Year 3 PV (M)	27,115.44	27,893.83	28,686.97
Year 4 PV (M)	35,224.50	36,579.14	37,972.48
Year 5 PV (M)	42,898.83	44,970.86	47,122.19
PV of Terminal Value (M)	859,607.05	901,126.39	944,234.78
Equity Value (M)	992,921.95	1,039,090.00	1,086,983.19
Shares Outstanding (M)	12.76	12.76	12.76
Fair Value	$77,845.70	$81,465.31	$85,220.16
Upside / Downside	340.30%	360.78%	382.01%

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Hanyang Securities Co. Ltd. (001750.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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