DDM Analysis: 003480.KS

Valuation Snapshot

Stable Growth	$23,992.68 - $37,126.02	$30,082.42
Multi-Stage	$52,893.64 - $58,338.35	$55,562.02
Blended Fair Value	$42,822.22
Current Price	$5,020.00
Upside	753.03%
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%	-8.75%	100.46	100.46	100.46	0.00	0.00	0.00	0.00	13.90	13.90	95.18
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	-85.40%	-62.10%
Dividend Yield	-	-	2.69%	3.10%	2.74%	0.00%	0.00%	0.00%	0.00%	0.38%	0.24%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66,924.00
(-) Cash Dividends Paid (M)	2,856.00
(=) Cash Retained (M)	64,068.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,384.80	8,365.50	5,019.30
Cash Retained (M)	64,068.00	64,068.00	64,068.00
(-) Cash Required (M)	-13,384.80	-8,365.50	-5,019.30
(=) Excess Retained (M)	50,683.20	55,702.50	59,048.70
(/) Shares Outstanding (M)	25.97	25.97	25.97
(=) Excess Retained per Share	1,951.49	2,144.75	2,273.60
LTM Dividend per Share	109.97	109.97	109.97
(+) Excess Retained per Share	1,951.49	2,144.75	2,273.60
(=) Adjusted Dividend	2,061.46	2,254.72	2,383.56
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$23,992.68	$30,082.42	$37,126.02
Upside / Downside	377.94%	499.25%	639.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66,924.00	66,254.76	65,592.21	64,936.29	64,286.93	63,644.06	65,553.38
Payout Ratio	4.27%	21.41%	38.56%	55.71%	72.85%	90.00%	92.50%
Projected Dividends (M)	2,856.00	14,187.81	25,292.70	36,174.07	46,835.28	57,279.65	60,636.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	13,197.21	13,331.88	13,466.54
Year 2 PV (M)	21,884.10	22,333.00	22,786.45
Year 3 PV (M)	29,113.73	30,014.09	30,932.83
Year 4 PV (M)	35,062.30	36,515.47	38,013.35
Year 5 PV (M)	39,887.29	41,964.31	44,126.97
PV of Terminal Value (M)	1,234,582.61	1,298,870.19	1,365,808.39
Equity Value (M)	1,373,727.24	1,443,028.94	1,515,134.53
Shares Outstanding (M)	25.97	25.97	25.97
Fair Value	$52,893.64	$55,562.02	$58,338.35
Upside / Downside	953.66%	1,006.81%	1,062.12%

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Hanjin Heavy Industries & Construction Holdings Co., Ltd. (003480.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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