DDM Analysis: 060370.KS

Valuation Snapshot

Stable Growth	$6,224.54 - $13,215.98	$8,839.95
Multi-Stage	$4,712.74 - $5,138.07	$4,921.59
Blended Fair Value	$6,880.77
Current Price	$22,300.00
Upside	-69.14%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.87%	5.05%	118.93	22.30	18.64	18.64	18.64	18.64	31.06	31.06	31.06	74.55
YoY Growth	-	-	433.33%	19.65%	0.00%	0.00%	0.00%	-40.00%	0.00%	0.00%	-58.33%	2.56%
Dividend Yield	-	-	0.84%	0.23%	0.27%	0.31%	0.30%	0.62%	0.88%	0.64%	0.61%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,964.10
(-) Cash Dividends Paid (M)	5,011.68
(=) Cash Retained (M)	5,952.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,192.82	1,370.51	822.31
Cash Retained (M)	5,952.42	5,952.42	5,952.42
(-) Cash Required (M)	-2,192.82	-1,370.51	-822.31
(=) Excess Retained (M)	3,759.60	4,581.91	5,130.11
(/) Shares Outstanding (M)	33.09	33.09	33.09
(=) Excess Retained per Share	113.63	138.49	155.06
LTM Dividend per Share	151.48	151.48	151.48
(+) Excess Retained per Share	113.63	138.49	155.06
(=) Adjusted Dividend	265.11	289.97	306.54
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,224.54	$8,839.95	$13,215.98
Upside / Downside	-72.09%	-60.36%	-40.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,964.10	11,676.76	12,435.75	13,244.07	14,104.94	15,021.76	15,472.41
Payout Ratio	45.71%	54.57%	63.43%	72.28%	81.14%	90.00%	92.50%
Projected Dividends (M)	5,011.68	6,371.77	7,887.49	9,573.34	11,445.03	13,519.58	14,311.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,738.47	5,792.86	5,847.26
Year 2 PV (M)	6,397.52	6,519.37	6,642.38
Year 3 PV (M)	6,993.14	7,193.89	7,398.44
Year 4 PV (M)	7,529.43	7,818.99	8,116.82
Year 5 PV (M)	8,010.23	8,397.12	8,798.83
PV of Terminal Value (M)	121,253.38	127,109.96	133,190.69
Equity Value (M)	155,922.16	162,832.20	169,994.42
Shares Outstanding (M)	33.09	33.09	33.09
Fair Value	$4,712.74	$4,921.59	$5,138.07
Upside / Downside	-78.87%	-77.93%	-76.96%

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LS Marine Solution Co Ltd (060370.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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