DDM Analysis: 012330.KS

Valuation Snapshot

Stable Growth	$1,063,741.65 - $2,888,513.79	$1,638,355.66
Multi-Stage	$1,158,836.39 - $1,271,932.04	$1,214,317.44
Blended Fair Value	$1,426,336.55
Current Price	$298,500.00
Upside	377.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.02%	7.92%	4,441.77	4,014.65	4,024.96	5,050.39	3,065.17	5,177.70	3,624.39	3,635.31	3,627.34	3,195.90
YoY Growth	-	-	10.64%	-0.26%	-20.30%	64.77%	-40.80%	42.86%	-0.30%	0.22%	13.50%	54.12%
Dividend Yield	-	-	1.71%	1.60%	1.86%	2.35%	1.05%	3.05%	1.72%	1.52%	1.51%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,172,240.00
(-) Cash Dividends Paid (M)	583,383.00
(=) Cash Retained (M)	3,588,857.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	834,448.00	521,530.00	312,918.00
Cash Retained (M)	3,588,857.00	3,588,857.00	3,588,857.00
(-) Cash Required (M)	-834,448.00	-521,530.00	-312,918.00
(=) Excess Retained (M)	2,754,409.00	3,067,327.00	3,275,939.00
(/) Shares Outstanding (M)	91.45	91.45	91.45
(=) Excess Retained per Share	30,117.89	33,539.47	35,820.52
LTM Dividend per Share	6,378.96	6,378.96	6,378.96
(+) Excess Retained per Share	30,117.89	33,539.47	35,820.52
(=) Adjusted Dividend	36,496.85	39,918.43	42,199.48
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.00%	4.00%	5.00%
Fair Value	$1,063,741.65	$1,638,355.66	$2,888,513.79
Upside / Downside	256.36%	448.86%	867.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,172,240.00	4,339,278.46	4,513,004.42	4,693,685.62	4,881,600.51	5,077,038.70	5,229,349.86
Payout Ratio	13.98%	29.19%	44.39%	59.59%	74.80%	90.00%	92.50%
Projected Dividends (M)	583,383.00	1,266,461.43	2,003,299.80	2,797,107.86	3,651,266.22	4,569,334.83	4,837,148.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.00%	4.00%	5.00%
Year 1 PV (M)	1,177,316.03	1,188,745.88	1,200,175.74
Year 2 PV (M)	1,731,203.51	1,764,981.12	1,799,085.07
Year 3 PV (M)	2,247,048.67	2,313,131.85	2,380,498.11
Year 4 PV (M)	2,726,765.88	2,834,208.07	2,944,794.56
Year 5 PV (M)	3,172,184.39	3,329,187.64	3,492,346.79
PV of Terminal Value (M)	94,925,994.55	99,624,236.42	104,506,690.58
Equity Value (M)	105,980,513.02	111,054,490.98	116,323,590.85
Shares Outstanding (M)	91.45	91.45	91.45
Fair Value	$1,158,836.39	$1,214,317.44	$1,271,932.04
Upside / Downside	288.22%	306.81%	326.11%

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Hyundai Mobis Co.,Ltd (012330.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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