DDM Analysis: 004560.KS

Valuation Snapshot

Stable Growth	$7,899.15 - $12,408.05	$9,968.21
Multi-Stage	$14,247.37 - $15,681.50	$14,950.45
Blended Fair Value	$12,459.33
Current Price	$11,880.00
Upside	4.88%
Decision	Don't 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%	0.00	100.29	100.29	100.29	100.29	100.29	100.29	100.29	0.00	100.29
YoY Growth	-	-	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.00%	0.48%	0.90%	0.58%	0.57%	1.64%	0.94%	0.89%	0.00%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,159.35
(-) Cash Dividends Paid (M)	1,524.36
(=) Cash Retained (M)	10,634.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,431.87	1,519.92	911.95
Cash Retained (M)	10,634.99	10,634.99	10,634.99
(-) Cash Required (M)	-2,431.87	-1,519.92	-911.95
(=) Excess Retained (M)	8,203.12	9,115.07	9,723.04
(/) Shares Outstanding (M)	15.20	15.20	15.20
(=) Excess Retained per Share	539.67	599.67	639.66
LTM Dividend per Share	100.29	100.29	100.29
(+) Excess Retained per Share	539.67	599.67	639.66
(=) Adjusted Dividend	639.96	699.95	739.95
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	-0.88%	0.12%	1.12%
Fair Value	$7,899.15	$9,968.21	$12,408.05
Upside / Downside	-33.51%	-16.09%	4.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,159.35	12,173.76	12,188.19	12,202.64	12,217.10	12,231.59	12,598.53
Payout Ratio	12.54%	28.03%	43.52%	59.01%	74.51%	90.00%	92.50%
Projected Dividends (M)	1,524.36	3,412.21	5,304.53	7,201.34	9,102.63	11,008.43	11,653.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	-0.88%	0.12%	1.12%
Year 1 PV (M)	3,152.75	3,184.56	3,216.36
Year 2 PV (M)	4,528.50	4,620.33	4,713.09
Year 3 PV (M)	5,680.33	5,854.00	6,031.17
Year 4 PV (M)	6,634.09	6,905.89	7,185.96
Year 5 PV (M)	7,412.98	7,794.55	8,191.67
PV of Terminal Value (M)	189,154.87	198,891.21	209,024.41
Equity Value (M)	216,563.51	227,250.53	238,362.66
Shares Outstanding (M)	15.20	15.20	15.20
Fair Value	$14,247.37	$14,950.45	$15,681.50
Upside / Downside	19.93%	25.85%	32.00%

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Hyundai Bng Steel Co., Ltd. (004560.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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