DDM Analysis: 267270.KS

Valuation Snapshot

Stable Growth	$45,673.31 - $69,051.77	$56,689.65
Multi-Stage	$90,200.77 - $99,395.82	$94,707.60
Blended Fair Value	$75,698.63
Current Price	$92,900.00
Upside	-18.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2015
DPS	-4.96%	0.00%	749.17	1,925.53	1,344.50	2,568.56	979.03	966.01	141.90	0.00	0.00	0.00
YoY Growth	-	-	-61.09%	43.22%	-47.66%	162.36%	1.35%	580.75%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.14%	3.27%	2.58%	6.94%	1.82%	6.44%	0.29%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90,235.42
(-) Cash Dividends Paid (M)	8,814.90
(=) Cash Retained (M)	81,420.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,047.08	11,279.43	6,767.66
Cash Retained (M)	81,420.52	81,420.52	81,420.52
(-) Cash Required (M)	-18,047.08	-11,279.43	-6,767.66
(=) Excess Retained (M)	63,373.43	70,141.09	74,652.86
(/) Shares Outstanding (M)	17.01	17.01	17.01
(=) Excess Retained per Share	3,726.15	4,124.07	4,389.34
LTM Dividend per Share	518.29	518.29	518.29
(+) Excess Retained per Share	3,726.15	4,124.07	4,389.34
(=) Adjusted Dividend	4,244.44	4,642.35	4,907.63
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$45,673.31	$56,689.65	$69,051.77
Upside / Downside	-50.84%	-38.98%	-25.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90,235.42	89,333.06	88,439.73	87,555.33	86,679.78	85,812.98	88,387.37
Payout Ratio	9.77%	25.82%	41.86%	57.91%	73.95%	90.00%	92.50%
Projected Dividends (M)	8,814.90	23,061.35	37,021.99	50,701.12	64,102.95	77,231.69	81,758.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21,313.61	21,531.10	21,748.59
Year 2 PV (M)	31,623.10	32,271.76	32,927.01
Year 3 PV (M)	40,025.29	41,263.10	42,526.17
Year 4 PV (M)	46,769.99	48,708.39	50,706.43
Year 5 PV (M)	52,078.33	54,790.17	57,613.82
PV of Terminal Value (M)	1,342,301.87	1,412,198.65	1,484,977.31
Equity Value (M)	1,534,112.20	1,610,763.17	1,690,499.32
Shares Outstanding (M)	17.01	17.01	17.01
Fair Value	$90,200.77	$94,707.60	$99,395.82
Upside / Downside	-2.91%	1.95%	6.99%

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Hyundai Construction Equipment Co., Ltd. (267270.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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