DDM Analysis: 079430.KS

Valuation Snapshot

Stable Growth	$7,950.40 - $14,059.83	$10,537.68
Multi-Stage	$13,822.05 - $15,199.82	$14,497.64
Blended Fair Value	$12,517.66
Current Price	$7,880.00
Upside	58.85%
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%	0.00	0.00	100.23	200.46	150.34	290.66	100.23	67.13	67.13	67.13
YoY Growth	-	-	0.00%	-100.00%	-50.00%	33.33%	-48.28%	190.00%	49.30%	0.00%	0.00%	33.33%
Dividend Yield	-	-	0.00%	0.00%	1.27%	1.26%	0.83%	4.09%	0.48%	0.26%	0.25%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,920.04
(-) Cash Dividends Paid (M)	2,614.85
(=) Cash Retained (M)	9,305.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,384.01	1,490.00	894.00
Cash Retained (M)	9,305.19	9,305.19	9,305.19
(-) Cash Required (M)	-2,384.01	-1,490.00	-894.00
(=) Excess Retained (M)	6,921.18	7,815.19	8,411.19
(/) Shares Outstanding (M)	20.07	20.07	20.07
(=) Excess Retained per Share	344.88	389.43	419.13
LTM Dividend per Share	130.30	130.30	130.30
(+) Excess Retained per Share	344.88	389.43	419.13
(=) Adjusted Dividend	475.18	519.73	549.42
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	0.44%	1.44%	2.44%
Fair Value	$7,950.40	$10,537.68	$14,059.83
Upside / Downside	0.89%	33.73%	78.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,920.04	12,091.86	12,266.16	12,442.97	12,622.33	12,804.28	13,188.40
Payout Ratio	21.94%	35.55%	49.16%	62.77%	76.39%	90.00%	92.50%
Projected Dividends (M)	2,614.85	4,298.57	6,030.28	7,811.03	9,641.86	11,523.85	12,199.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	0.44%	1.44%	2.44%
Year 1 PV (M)	3,998.50	4,038.31	4,078.12
Year 2 PV (M)	5,217.77	5,322.19	5,427.63
Year 3 PV (M)	6,286.80	6,476.45	6,669.88
Year 4 PV (M)	7,218.65	7,510.45	7,811.00
Year 5 PV (M)	8,025.40	8,432.94	8,856.87
PV of Terminal Value (M)	246,638.31	259,162.94	272,191.30
Equity Value (M)	277,385.42	290,943.27	305,034.80
Shares Outstanding (M)	20.07	20.07	20.07
Fair Value	$13,822.05	$14,497.64	$15,199.82
Upside / Downside	75.41%	83.98%	92.89%

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Hyundai Livart Furniture Company Limited (079430.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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