DDM Analysis: 145270.KS

Valuation Snapshot

Stable Growth	$872.19 - $1,337.54	$1,089.32
Multi-Stage	$2,081.11 - $2,297.25	$2,187.02
Blended Fair Value	$1,638.17
Current Price	$955.00
Upside	71.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.69%	3.38%	97.35	110.67	39.42	79.35	24.19	18.97	18.60	17.44	17.77	37.23
YoY Growth	-	-	-12.04%	180.78%	-50.32%	227.99%	27.50%	2.00%	6.67%	-1.87%	-52.26%	-46.67%
Dividend Yield	-	-	10.14%	10.65%	4.35%	4.82%	1.66%	2.59%	2.15%	2.02%	1.41%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,518.86
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	4,518.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	903.77	564.86	338.91
Cash Retained (M)	4,518.86	4,518.86	4,518.86
(-) Cash Required (M)	-903.77	-564.86	-338.91
(=) Excess Retained (M)	3,615.09	3,954.00	4,179.94
(/) Shares Outstanding (M)	46.60	46.60	46.60
(=) Excess Retained per Share	77.58	84.85	89.70
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	77.58	84.85	89.70
(=) Adjusted Dividend	77.58	84.85	89.70
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.48%	-1.48%	-0.48%
Fair Value	$872.19	$1,089.32	$1,337.54
Upside / Downside	-8.67%	14.06%	40.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,518.86	4,452.02	4,386.16	4,321.28	4,257.36	4,194.39	4,320.22
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	801.36	1,579.02	2,333.49	3,065.30	3,774.95	3,996.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.48%	-1.48%	-0.48%
Year 1 PV (M)	746.95	754.61	762.27
Year 2 PV (M)	1,371.88	1,400.16	1,428.73
Year 3 PV (M)	1,889.73	1,948.46	2,008.39
Year 4 PV (M)	2,313.82	2,410.20	2,509.55
Year 5 PV (M)	2,656.03	2,795.02	2,939.78
PV of Terminal Value (M)	87,996.42	92,601.57	97,397.54
Equity Value (M)	96,974.82	101,910.02	107,046.27
Shares Outstanding (M)	46.60	46.60	46.60
Fair Value	$2,081.11	$2,187.02	$2,297.25
Upside / Downside	117.92%	129.01%	140.55%

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K-TOP Reits Co.,Ltd. (145270.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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