DDM Analysis: 030520.KQ

Valuation Snapshot

Stable Growth	$4,456.07 - $6,674.18	$5,508.16
Multi-Stage	$9,016.10 - $9,895.18	$9,447.13
Blended Fair Value	$7,477.65
Current Price	$30,550.00
Upside	-75.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	11.39%	0.00%	406.78	0.00	0.00	0.00	0.00	237.26	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,886.04
(-) Cash Dividends Paid (M)	9,867.22
(=) Cash Retained (M)	3,018.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,577.21	1,610.75	966.45
Cash Retained (M)	3,018.82	3,018.82	3,018.82
(-) Cash Required (M)	-2,577.21	-1,610.75	-966.45
(=) Excess Retained (M)	441.61	1,408.07	2,052.37
(/) Shares Outstanding (M)	24.06	24.06	24.06
(=) Excess Retained per Share	18.35	58.52	85.29
LTM Dividend per Share	410.07	410.07	410.07
(+) Excess Retained per Share	18.35	58.52	85.29
(=) Adjusted Dividend	428.43	468.59	495.37
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4,456.07	$5,508.16	$6,674.18
Upside / Downside	-85.41%	-81.97%	-78.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,886.04	12,757.18	12,629.61	12,503.31	12,378.28	12,254.49	12,622.13
Payout Ratio	76.57%	79.26%	81.94%	84.63%	87.31%	90.00%	92.50%
Projected Dividends (M)	9,867.22	10,111.13	10,349.18	10,581.45	10,808.04	11,029.05	11,675.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	9,317.44	9,412.52	9,507.59
Year 2 PV (M)	8,788.19	8,968.46	9,150.55
Year 3 PV (M)	8,280.11	8,536.17	8,797.47
Year 4 PV (M)	7,793.54	8,116.54	8,449.49
Year 5 PV (M)	7,328.63	7,710.24	8,107.60
PV of Terminal Value (M)	175,437.52	184,572.96	194,085.06
Equity Value (M)	216,945.42	227,316.89	238,097.76
Shares Outstanding (M)	24.06	24.06	24.06
Fair Value	$9,016.10	$9,447.13	$9,895.18
Upside / Downside	-70.49%	-69.08%	-67.61%

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Hancom Inc. (030520.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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