DDM Analysis: 002380.KS

Valuation Snapshot

Stable Growth	$7,530,097.19 - $31,672,972.43	$18,907,913.15
Multi-Stage	$4,175,789.54 - $4,576,748.13	$4,372,552.21
Blended Fair Value	$11,640,232.68
Current Price	$384,000.00
Upside	2,931.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.84%	-2.88%	8,000.19	8,000.19	7,248.18	6,248.15	6,804.49	12,034.29	12,034.41	12,059.64	12,069.50	11,989.72
YoY Growth	-	-	0.00%	10.38%	16.01%	-8.18%	-43.46%	0.00%	-0.21%	-0.08%	0.67%	11.84%
Dividend Yield	-	-	3.17%	3.11%	3.26%	1.83%	2.87%	9.29%	3.85%	3.49%	3.41%	2.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,177,191.38
(-) Cash Dividends Paid (M)	73,541.71
(=) Cash Retained (M)	1,103,649.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	235,438.28	147,148.92	88,289.35
Cash Retained (M)	1,103,649.67	1,103,649.67	1,103,649.67
(-) Cash Required (M)	-235,438.28	-147,148.92	-88,289.35
(=) Excess Retained (M)	868,211.40	956,500.75	1,015,360.32
(/) Shares Outstanding (M)	7.35	7.35	7.35
(=) Excess Retained per Share	118,059.75	130,065.37	138,069.12
LTM Dividend per Share	10,000.23	10,000.23	10,000.23
(+) Excess Retained per Share	118,059.75	130,065.37	138,069.12
(=) Adjusted Dividend	128,059.98	140,065.61	148,069.35
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	4.95%	5.95%	6.95%
Fair Value	$7,530,097.19	$18,907,913.15	$31,672,972.43
Upside / Downside	1,860.96%	4,823.94%	8,148.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,177,191.38	1,247,271.54	1,321,523.69	1,400,196.19	1,483,552.20	1,571,870.53	1,619,026.64
Payout Ratio	6.25%	23.00%	39.75%	56.50%	73.25%	90.00%	92.50%
Projected Dividends (M)	73,541.71	286,844.69	525,283.61	791,095.27	1,086,693.73	1,414,683.47	1,497,599.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	4.95%	5.95%	6.95%
Year 1 PV (M)	266,200.70	268,737.07	271,273.45
Year 2 PV (M)	452,395.82	461,057.80	469,801.92
Year 3 PV (M)	632,289.38	650,535.60	669,129.52
Year 4 PV (M)	806,040.06	837,201.90	869,258.67
Year 5 PV (M)	973,803.02	1,021,087.80	1,070,191.80
PV of Terminal Value (M)	27,578,027.27	28,917,128.78	30,307,750.38
Equity Value (M)	30,708,756.24	32,155,748.95	33,657,405.73
Shares Outstanding (M)	7.35	7.35	7.35
Fair Value	$4,175,789.54	$4,372,552.21	$4,576,748.13
Upside / Downside	987.45%	1,038.69%	1,091.86%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
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BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
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TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
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GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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KCC Corporation (002380.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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