DDM Analysis: 003350.KS

Valuation Snapshot

Stable Growth	$154,195.84 - $374,387.60	$229,255.87
Multi-Stage	$105,568.46 - $115,468.37	$110,428.16
Blended Fair Value	$169,842.02
Current Price	$56,400.00
Upside	201.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	100.00	100.00	0.00	0.00	100.00	100.00	100.00	100.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.20%	0.39%	0.00%	0.00%	0.28%	0.40%	0.28%	0.24%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	25,731.53
(-) Cash Dividends Paid (M)	725.00
(=) Cash Retained (M)	25,006.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,146.31	3,216.44	1,929.87
Cash Retained (M)	25,006.53	25,006.53	25,006.53
(-) Cash Required (M)	-5,146.31	-3,216.44	-1,929.87
(=) Excess Retained (M)	19,860.23	21,790.09	23,076.67
(/) Shares Outstanding (M)	3.63	3.63	3.63
(=) Excess Retained per Share	5,478.68	6,011.06	6,365.98
LTM Dividend per Share	200.00	200.00	200.00
(+) Excess Retained per Share	5,478.68	6,011.06	6,365.98
(=) Adjusted Dividend	5,678.68	6,211.06	6,565.98
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$154,195.84	$229,255.87	$374,387.60
Upside / Downside	173.40%	306.48%	563.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	25,731.53	27,404.08	29,185.35	31,082.40	33,102.75	35,254.43	36,312.06
Payout Ratio	2.82%	20.25%	37.69%	55.13%	72.56%	90.00%	92.50%
Projected Dividends (M)	725.00	5,550.44	11,000.11	17,134.80	24,020.52	31,728.99	33,588.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,026.56	5,074.21	5,121.85
Year 2 PV (M)	9,021.63	9,193.46	9,366.92
Year 3 PV (M)	12,726.54	13,091.88	13,464.13
Year 4 PV (M)	16,156.88	16,778.23	17,417.33
Year 5 PV (M)	19,327.48	20,261.00	21,230.25
PV of Terminal Value (M)	320,426.59	335,903.31	351,972.37
Equity Value (M)	382,685.68	400,302.09	418,572.86
Shares Outstanding (M)	3.63	3.63	3.63
Fair Value	$105,568.46	$110,428.16	$115,468.37
Upside / Downside	87.18%	95.79%	104.73%

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Hankook Cosmetics Manufacturing Co., Ltd (003350.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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