DDM Analysis: 403870.KQ

Valuation Snapshot

Stable Growth	$42,006.75 - $201,803.84	$91,028.81
Multi-Stage	$23,047.95 - $25,178.21	$24,093.73
Blended Fair Value	$57,561.27
Current Price	$33,750.00
Upside	70.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	143.12%	0.00%	91.68	22.21	0.00	244.98	92.92	1.08	83.67	0.00	0.00	0.00
YoY Growth	-	-	312.86%	0.00%	-100.00%	163.66%	8,508.32%	-98.71%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.35%	0.04%	0.00%	2.27%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82,868.45
(-) Cash Dividends Paid (M)	48,219.20
(=) Cash Retained (M)	34,649.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16,573.69	10,358.56	6,215.13
Cash Retained (M)	34,649.24	34,649.24	34,649.24
(-) Cash Required (M)	-16,573.69	-10,358.56	-6,215.13
(=) Excess Retained (M)	18,075.55	24,290.69	28,434.11
(/) Shares Outstanding (M)	81.67	81.67	81.67
(=) Excess Retained per Share	221.34	297.44	348.18
LTM Dividend per Share	590.45	590.45	590.45
(+) Excess Retained per Share	221.34	297.44	348.18
(=) Adjusted Dividend	811.78	887.89	938.62
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42,006.75	$91,028.81	$201,803.84
Upside / Downside	24.46%	169.72%	497.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82,868.45	88,254.89	93,991.46	100,100.91	106,607.47	113,536.95	116,943.06
Payout Ratio	58.19%	64.55%	70.91%	77.28%	83.64%	90.00%	92.50%
Projected Dividends (M)	48,219.20	56,968.64	66,651.78	77,353.04	89,163.85	102,183.26	108,172.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52,477.55	52,974.97	53,472.39
Year 2 PV (M)	56,557.10	57,634.36	58,721.78
Year 3 PV (M)	60,463.11	62,198.79	63,967.37
Year 4 PV (M)	64,200.68	66,669.66	69,209.17
Year 5 PV (M)	67,774.80	71,048.35	74,447.18
PV of Terminal Value (M)	1,580,754.97	1,657,106.03	1,736,379.22
Equity Value (M)	1,882,228.23	1,967,632.16	2,056,197.11
Shares Outstanding (M)	81.67	81.67	81.67
Fair Value	$23,047.95	$24,093.73	$25,178.21
Upside / Downside	-31.71%	-28.61%	-25.40%

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HPSP Co., Ltd. (403870.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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