DDM Analysis: 042670.KS

Valuation Snapshot

Stable Growth	$739.04 - $964.19	$857.67
Multi-Stage	$2,345.31 - $2,614.26	$2,476.77
Blended Fair Value	$1,667.22
Current Price	$12,640.00
Upside	-86.81%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-16.47%	2.46%	113.94	248.59	0.00	0.00	152.84	280.21	278.90	243.50	94.94	181.51
YoY Growth	-	-	-54.17%	0.00%	0.00%	-100.00%	-45.45%	0.47%	14.54%	156.49%	-47.70%	103.07%
Dividend Yield	-	-	1.35%	2.97%	0.00%	0.00%	0.54%	3.55%	1.52%	1.00%	0.40%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44,980.37
(-) Cash Dividends Paid (M)	13,447.00
(=) Cash Retained (M)	31,533.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,996.07	5,622.55	3,373.53
Cash Retained (M)	31,533.37	31,533.37	31,533.37
(-) Cash Required (M)	-8,996.07	-5,622.55	-3,373.53
(=) Excess Retained (M)	22,537.29	25,910.82	28,159.84
(/) Shares Outstanding (M)	192.64	192.64	192.64
(=) Excess Retained per Share	116.99	134.50	146.18
LTM Dividend per Share	69.80	69.80	69.80
(+) Excess Retained per Share	116.99	134.50	146.18
(=) Adjusted Dividend	186.80	204.31	215.98
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	-14.85%	-13.85%	-12.85%
Fair Value	$739.04	$857.67	$964.19
Upside / Downside	-94.15%	-93.21%	-92.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44,980.37	38,748.50	33,380.03	28,755.34	24,771.39	21,339.40	21,979.58
Payout Ratio	29.90%	41.92%	53.94%	65.96%	77.98%	90.00%	92.50%
Projected Dividends (M)	13,447.00	16,241.90	18,004.24	18,966.48	19,316.50	19,205.46	20,331.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	-14.85%	-13.85%	-12.85%
Year 1 PV (M)	15,050.09	15,226.85	15,403.61
Year 2 PV (M)	15,458.93	15,824.18	16,193.69
Year 3 PV (M)	15,090.15	15,628.10	16,178.69
Year 4 PV (M)	14,240.90	14,921.79	15,626.82
Year 5 PV (M)	13,120.07	13,908.83	14,735.08
PV of Terminal Value (M)	378,839.98	401,615.37	425,473.21
Equity Value (M)	451,800.11	477,125.12	503,611.09
Shares Outstanding (M)	192.64	192.64	192.64
Fair Value	$2,345.31	$2,476.77	$2,614.26
Upside / Downside	-81.45%	-80.41%	-79.32%

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HD Hyundai Infracore Co., Ltd. (042670.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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