DDM Analysis: 010660.KS

Valuation Snapshot

Stable Growth	$3,582.06 - $9,814.75	$5,533.13
Multi-Stage	$13,279.11 - $14,674.03	$13,962.57
Blended Fair Value	$9,747.85
Current Price	$5,630.00
Upside	73.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.23%	-10.40%	30.65	27.58	9.19	0.00	0.00	9.19	9.19	0.00	32.19	82.75
YoY Growth	-	-	11.11%	199.98%	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	-61.11%	-10.00%
Dividend Yield	-	-	1.00%	0.44%	0.32%	0.00%	0.00%	0.45%	0.42%	0.00%	1.48%	3.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,455.87
(-) Cash Dividends Paid (M)	879.89
(=) Cash Retained (M)	2,575.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	691.17	431.98	259.19
Cash Retained (M)	2,575.98	2,575.98	2,575.98
(-) Cash Required (M)	-691.17	-431.98	-259.19
(=) Excess Retained (M)	1,884.80	2,143.99	2,316.79
(/) Shares Outstanding (M)	21.53	21.53	21.53
(=) Excess Retained per Share	87.53	99.56	107.59
LTM Dividend per Share	40.86	40.86	40.86
(+) Excess Retained per Share	87.53	99.56	107.59
(=) Adjusted Dividend	128.39	140.42	148.45
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3,582.06	$5,533.13	$9,814.75
Upside / Downside	-36.38%	-1.72%	74.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,455.87	3,421.31	3,387.10	3,353.23	3,319.69	3,286.50	3,385.09
Payout Ratio	25.46%	38.37%	51.28%	64.18%	77.09%	90.00%	92.50%
Projected Dividends (M)	879.89	1,312.71	1,736.79	2,152.25	2,559.22	2,957.85	3,131.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,280.09	1,293.15	1,306.21
Year 2 PV (M)	1,651.54	1,685.42	1,719.64
Year 3 PV (M)	1,995.75	2,057.47	2,120.45
Year 4 PV (M)	2,314.16	2,410.07	2,508.94
Year 5 PV (M)	2,608.15	2,743.96	2,885.37
PV of Terminal Value (M)	276,101.63	290,478.89	305,448.92
Equity Value (M)	285,951.32	300,668.96	315,989.53
Shares Outstanding (M)	21.53	21.53	21.53
Fair Value	$13,279.11	$13,962.57	$14,674.03
Upside / Downside	135.86%	148.00%	160.64%

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Hwacheon Machinery Co., Ltd. (010660.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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