DDM Analysis: 000370.KS

Valuation Snapshot

Stable Growth	$14,272.25 - $21,652.44	$17,741.55
Multi-Stage	$28,519.58 - $31,438.82	$29,950.35
Blended Fair Value	$23,845.95
Current Price	$5,610.00
Upside	325.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.08%	0.00%	91.19	141.81	106.99	78.15	72.53	96.27	111.08	65.55	40.29	0.00
YoY Growth	-	-	-35.70%	32.54%	36.90%	7.76%	-24.66%	-13.33%	69.45%	62.69%	0.00%	0.00%
Dividend Yield	-	-	2.30%	3.22%	2.52%	1.55%	1.49%	5.68%	2.12%	0.76%	0.58%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	258,192.15
(-) Cash Dividends Paid (M)	12,147.37
(=) Cash Retained (M)	246,044.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51,638.43	32,274.02	19,364.41
Cash Retained (M)	246,044.79	246,044.79	246,044.79
(-) Cash Required (M)	-51,638.43	-32,274.02	-19,364.41
(=) Excess Retained (M)	194,406.36	213,770.77	226,680.37
(/) Shares Outstanding (M)	157.64	157.64	157.64
(=) Excess Retained per Share	1,233.20	1,356.03	1,437.92
LTM Dividend per Share	77.06	77.06	77.06
(+) Excess Retained per Share	1,233.20	1,356.03	1,437.92
(=) Adjusted Dividend	1,310.25	1,433.09	1,514.98
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$14,272.25	$17,741.55	$21,652.44
Upside / Downside	154.41%	216.25%	285.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	258,192.15	255,610.23	253,054.13	250,523.58	248,018.35	245,538.17	252,904.31
Payout Ratio	4.70%	21.76%	38.82%	55.88%	72.94%	90.00%	92.50%
Projected Dividends (M)	12,147.37	55,630.55	98,242.86	139,997.37	180,906.95	220,984.35	233,936.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	51,467.54	51,992.72	52,517.90
Year 2 PV (M)	84,089.38	85,814.25	87,556.62
Year 3 PV (M)	110,861.32	114,289.79	117,788.21
Year 4 PV (M)	132,536.51	138,029.53	143,691.55
Year 5 PV (M)	149,782.77	157,582.30	165,703.42
PV of Terminal Value (M)	3,967,209.92	4,173,791.75	4,388,891.08
Equity Value (M)	4,495,947.44	4,721,500.33	4,956,148.78
Shares Outstanding (M)	157.64	157.64	157.64
Fair Value	$28,519.58	$29,950.35	$31,438.82
Upside / Downside	408.37%	433.87%	460.41%

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Hanwha General Insurance Co., Ltd. (000370.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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