DDM Analysis: 098070.KQ

Valuation Snapshot

Stable Growth	$34,557.77 - $53,243.42	$43,247.97
Multi-Stage	$74,951.12 - $82,630.91	$78,715.03
Blended Fair Value	$60,981.50
Current Price	$42,650.00
Upside	42.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	320.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.27%	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)	36,287.86
(-) Cash Dividends Paid (M)	3,970.15
(=) Cash Retained (M)	32,317.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,257.57	4,535.98	2,721.59
Cash Retained (M)	32,317.71	32,317.71	32,317.71
(-) Cash Required (M)	-7,257.57	-4,535.98	-2,721.59
(=) Excess Retained (M)	25,060.14	27,781.73	29,596.12
(/) Shares Outstanding (M)	9.64	9.64	9.64
(=) Excess Retained per Share	2,599.34	2,881.63	3,069.83
LTM Dividend per Share	411.80	411.80	411.80
(+) Excess Retained per Share	2,599.34	2,881.63	3,069.83
(=) Adjusted Dividend	3,011.13	3,293.43	3,481.62
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$34,557.77	$43,247.97	$53,243.42
Upside / Downside	-18.97%	1.40%	24.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36,287.86	35,924.98	35,565.73	35,210.08	34,857.97	34,509.39	35,544.68
Payout Ratio	10.94%	26.75%	42.56%	58.38%	74.19%	90.00%	92.50%
Projected Dividends (M)	3,970.15	9,610.85	15,138.35	20,554.33	25,860.48	31,058.46	32,878.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8,929.85	9,020.97	9,112.09
Year 2 PV (M)	13,069.00	13,337.08	13,607.88
Year 3 PV (M)	16,487.29	16,997.17	17,517.46
Year 4 PV (M)	19,273.68	20,072.48	20,895.86
Year 5 PV (M)	21,507.49	22,627.44	23,793.56
PV of Terminal Value (M)	643,335.03	676,834.98	711,716.15
Equity Value (M)	722,602.34	758,890.12	796,642.99
Shares Outstanding (M)	9.64	9.64	9.64
Fair Value	$74,951.12	$78,715.03	$82,630.91
Upside / Downside	75.74%	84.56%	93.74%

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Hantech (098070.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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