DDM Analysis: 032560.KS

Valuation Snapshot

Stable Growth	$34,825.37 - $163,945.23	$61,515.02
Multi-Stage	$31,180.10 - $34,206.13	$32,664.73
Blended Fair Value	$47,089.88
Current Price	$6,000.00
Upside	684.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.52%	18.54%	225.90	246.48	188.42	137.77	82.45	41.23	82.45	91.29	44.17	53.01
YoY Growth	-	-	-8.35%	30.82%	36.76%	67.09%	100.00%	-50.00%	-9.68%	106.66%	-16.66%	28.58%
Dividend Yield	-	-	4.50%	3.57%	2.14%	1.51%	1.02%	1.05%	1.06%	1.05%	0.57%	1.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,016.90
(-) Cash Dividends Paid (M)	3,170.41
(=) Cash Retained (M)	15,846.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,803.38	2,377.11	1,426.27
Cash Retained (M)	15,846.49	15,846.49	15,846.49
(-) Cash Required (M)	-3,803.38	-2,377.11	-1,426.27
(=) Excess Retained (M)	12,043.11	13,469.38	14,420.22
(/) Shares Outstanding (M)	16.98	16.98	16.98
(=) Excess Retained per Share	709.38	793.39	849.40
LTM Dividend per Share	186.75	186.75	186.75
(+) Excess Retained per Share	709.38	793.39	849.40
(=) Adjusted Dividend	896.13	980.14	1,036.14
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	3.68%	4.68%	5.68%
Fair Value	$34,825.37	$61,515.02	$163,945.23
Upside / Downside	480.42%	925.25%	2,632.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,016.90	19,907.03	20,838.84	21,814.25	22,835.33	23,904.20	24,621.32
Payout Ratio	16.67%	31.34%	46.00%	60.67%	75.33%	90.00%	92.50%
Projected Dividends (M)	3,170.41	6,238.31	9,586.47	13,234.40	17,202.84	21,513.78	22,774.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	3.68%	4.68%	5.68%
Year 1 PV (M)	5,809.87	5,865.90	5,921.94
Year 2 PV (M)	8,314.90	8,476.07	8,638.79
Year 3 PV (M)	10,690.60	11,002.92	11,321.27
Year 4 PV (M)	12,941.87	13,448.43	13,969.73
Year 5 PV (M)	15,073.45	15,814.53	16,584.47
PV of Terminal Value (M)	476,513.83	499,941.27	524,281.20
Equity Value (M)	529,344.52	554,549.12	580,717.40
Shares Outstanding (M)	16.98	16.98	16.98
Fair Value	$31,180.10	$32,664.73	$34,206.13
Upside / Downside	419.67%	444.41%	470.10%

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Hwang Kum Steel & Technology Co., Ltd (032560.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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