DDM Analysis: 004960.KS

Valuation Snapshot

Stable Growth	$8,851.11 - $13,021.64	$10,854.67
Multi-Stage	$21,998.76 - $24,295.97	$23,124.23
Blended Fair Value	$16,989.45
Current Price	$7,710.00
Upside	120.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-23.23%	2.11%	100.07	300.19	350.22	400.24	350.22	375.23	353.35	219.81	0.00	0.00
YoY Growth	-	-	-66.66%	-14.29%	-12.50%	14.29%	-6.67%	6.19%	60.76%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.73%	4.43%	4.65%	2.09%	1.74%	3.46%	1.86%	1.09%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,439.91
(-) Cash Dividends Paid (M)	1,157.55
(=) Cash Retained (M)	12,282.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,687.98	1,679.99	1,007.99
Cash Retained (M)	12,282.36	12,282.36	12,282.36
(-) Cash Required (M)	-2,687.98	-1,679.99	-1,007.99
(=) Excess Retained (M)	9,594.37	10,602.37	11,274.36
(/) Shares Outstanding (M)	11.57	11.57	11.57
(=) Excess Retained per Share	829.44	916.58	974.68
LTM Dividend per Share	100.07	100.07	100.07
(+) Excess Retained per Share	829.44	916.58	974.68
(=) Adjusted Dividend	929.51	1,016.66	1,074.75
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-3.69%	-2.69%	-1.69%
Fair Value	$8,851.11	$10,854.67	$13,021.64
Upside / Downside	14.80%	40.79%	68.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,439.91	13,077.96	12,725.77	12,383.06	12,049.58	11,725.08	12,076.83
Payout Ratio	8.61%	24.89%	41.17%	57.45%	73.72%	90.00%	92.50%
Projected Dividends (M)	1,157.55	3,255.14	5,238.90	7,113.46	8,883.26	10,552.57	11,171.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-3.69%	-2.69%	-1.69%
Year 1 PV (M)	3,027.31	3,058.74	3,090.17
Year 2 PV (M)	4,531.22	4,625.81	4,721.37
Year 3 PV (M)	5,721.93	5,902.03	6,085.87
Year 4 PV (M)	6,645.40	6,925.74	7,214.86
Year 5 PV (M)	7,341.66	7,730.82	8,136.31
PV of Terminal Value (M)	227,197.64	239,240.65	251,789.02
Equity Value (M)	254,465.17	267,483.79	281,037.60
Shares Outstanding (M)	11.57	11.57	11.57
Fair Value	$21,998.76	$23,124.23	$24,295.97
Upside / Downside	185.33%	199.93%	215.12%

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HANSHIN Engineering & Construction Co., Ltd. (004960.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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