DDM Analysis: 012320.KS

Valuation Snapshot

Stable Growth	$126,825.99 - $212,443.79	$164,434.73
Multi-Stage	$246,320.70 - $271,281.51	$258,557.34
Blended Fair Value	$211,496.04
Current Price	$57,500.00
Upside	267.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.69%	-9.28%	755.91	755.91	755.91	505.63	518.44	521.86	521.86	2,013.93	2,180.82	2,191.23
YoY Growth	-	-	0.00%	0.00%	49.50%	-2.47%	-0.66%	0.00%	-74.09%	-7.65%	-0.48%	9.40%
Dividend Yield	-	-	1.26%	0.89%	0.71%	1.41%	1.28%	2.21%	1.31%	4.74%	2.46%	2.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23,441.16
(-) Cash Dividends Paid (M)	1,657.34
(=) Cash Retained (M)	21,783.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,688.23	2,930.15	1,758.09
Cash Retained (M)	21,783.82	21,783.82	21,783.82
(-) Cash Required (M)	-4,688.23	-2,930.15	-1,758.09
(=) Excess Retained (M)	17,095.59	18,853.68	20,025.74
(/) Shares Outstanding (M)	2.18	2.18	2.18
(=) Excess Retained per Share	7,849.56	8,656.80	9,194.95
LTM Dividend per Share	760.98	760.98	760.98
(+) Excess Retained per Share	7,849.56	8,656.80	9,194.95
(=) Adjusted Dividend	8,610.54	9,417.78	9,955.93
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.43%	0.57%	1.57%
Fair Value	$126,825.99	$164,434.73	$212,443.79
Upside / Downside	120.57%	185.97%	269.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23,441.16	23,573.68	23,706.95	23,840.98	23,975.76	24,111.30	24,834.64
Payout Ratio	7.07%	23.66%	40.24%	56.83%	73.41%	90.00%	92.50%
Projected Dividends (M)	1,657.34	5,576.63	9,540.18	13,548.37	17,601.57	21,700.17	22,972.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.43%	0.57%	1.57%
Year 1 PV (M)	5,192.73	5,244.89	5,297.04
Year 2 PV (M)	8,271.90	8,438.89	8,607.55
Year 3 PV (M)	10,938.54	11,271.46	11,611.05
Year 4 PV (M)	13,232.69	13,772.37	14,328.39
Year 5 PV (M)	15,190.91	15,969.25	16,779.18
PV of Terminal Value (M)	483,636.24	508,416.41	534,202.07
Equity Value (M)	536,463.01	563,113.27	590,825.28
Shares Outstanding (M)	2.18	2.18	2.18
Fair Value	$246,320.70	$258,557.34	$271,281.51
Upside / Downside	328.38%	349.66%	371.79%

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Kyungdong Invest Co., Ltd (012320.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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