DDM Analysis: 002840.KS

Valuation Snapshot

Stable Growth	$943,284.12 - $1,898,809.68	$1,779,462.75
Multi-Stage	$289,445.12 - $317,024.96	$302,980.80
Blended Fair Value	$1,041,221.77
Current Price	$150,000.00
Upside	594.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.29%	0.00%	2,029.38	1,548.46	1,586.52	6,142.16	701.96	996.21	384.89	65.15	168.92	41.63
YoY Growth	-	-	31.06%	-2.40%	-74.17%	775.00%	-29.54%	158.83%	490.78%	-61.43%	305.80%	0.00%
Dividend Yield	-	-	1.09%	0.86%	0.93%	3.49%	0.37%	1.74%	0.72%	0.18%	0.46%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44,261.00
(-) Cash Dividends Paid (M)	9,280.29
(=) Cash Retained (M)	34,980.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,852.20	5,532.63	3,319.58
Cash Retained (M)	34,980.71	34,980.71	34,980.71
(-) Cash Required (M)	-8,852.20	-5,532.63	-3,319.58
(=) Excess Retained (M)	26,128.51	29,448.08	31,661.13
(/) Shares Outstanding (M)	4.64	4.64	4.64
(=) Excess Retained per Share	5,636.31	6,352.39	6,829.78
LTM Dividend per Share	2,001.90	2,001.90	2,001.90
(+) Excess Retained per Share	5,636.31	6,352.39	6,829.78
(=) Adjusted Dividend	7,638.20	8,354.29	8,831.67
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$943,284.12	$1,779,462.75	$1,898,809.68
Upside / Downside	528.86%	1,086.31%	1,165.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44,261.00	47,137.97	50,201.94	53,465.06	56,940.29	60,641.41	62,460.65
Payout Ratio	20.97%	34.77%	48.58%	62.39%	76.19%	90.00%	92.50%
Projected Dividends (M)	9,280.29	16,391.64	24,388.26	33,355.18	43,384.77	54,577.27	57,776.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	15,267.59	15,412.30	15,557.02
Year 2 PV (M)	21,158.10	21,561.10	21,967.90
Year 3 PV (M)	26,952.99	27,726.71	28,515.10
Year 4 PV (M)	32,653.43	33,909.18	35,200.82
Year 5 PV (M)	38,260.55	40,108.54	42,027.27
PV of Terminal Value (M)	1,207,502.56	1,265,825.39	1,326,380.36
Equity Value (M)	1,341,795.21	1,404,543.23	1,469,648.48
Shares Outstanding (M)	4.64	4.64	4.64
Fair Value	$289,445.12	$302,980.80	$317,024.96
Upside / Downside	92.96%	101.99%	111.35%

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Miwon Commercial Co., Ltd. (002840.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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