DDM Analysis: 088350.KS

Valuation Snapshot

Stable Growth	$13,429.90 - $23,263.46	$17,652.64
Multi-Stage	$22,117.27 - $24,331.84	$23,203.16
Blended Fair Value	$20,427.90
Current Price	$3,145.00
Upside	549.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.22%	2.47%	193.40	68.69	128.20	31.18	31.18	103.95	145.53	99.01	187.11	205.91
YoY Growth	-	-	181.57%	-46.42%	311.10%	0.00%	-70.00%	-28.57%	46.99%	-47.09%	-9.13%	35.89%
Dividend Yield	-	-	7.60%	2.42%	5.34%	0.99%	0.97%	7.48%	3.64%	1.60%	3.10%	3.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	756,722.72
(-) Cash Dividends Paid (M)	46,515.00
(=) Cash Retained (M)	710,207.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	151,344.54	94,590.34	56,754.20
Cash Retained (M)	710,207.72	710,207.72	710,207.72
(-) Cash Required (M)	-151,344.54	-94,590.34	-56,754.20
(=) Excess Retained (M)	558,863.17	615,617.38	653,453.51
(/) Shares Outstanding (M)	722.84	722.84	722.84
(=) Excess Retained per Share	773.15	851.67	904.01
LTM Dividend per Share	64.35	64.35	64.35
(+) Excess Retained per Share	773.15	851.67	904.01
(=) Adjusted Dividend	837.50	916.02	968.36
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.47%	1.47%	2.47%
Fair Value	$13,429.90	$17,652.64	$23,263.46
Upside / Downside	327.02%	461.29%	639.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	756,722.72	767,846.63	779,134.06	790,587.41	802,209.14	814,001.70	838,421.75
Payout Ratio	6.15%	22.92%	39.69%	56.46%	73.23%	90.00%	92.50%
Projected Dividends (M)	46,515.00	175,971.41	309,223.82	446,355.86	587,452.78	732,601.53	775,540.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.47%	1.47%	2.47%
Year 1 PV (M)	163,242.17	164,866.96	166,491.74
Year 2 PV (M)	266,105.24	271,428.81	276,805.11
Year 3 PV (M)	356,329.65	367,075.79	378,035.83
Year 4 PV (M)	435,044.76	452,625.45	470,733.68
Year 5 PV (M)	503,290.86	528,841.26	555,418.97
PV of Terminal Value (M)	14,263,230.29	14,987,326.98	15,740,537.53
Equity Value (M)	15,987,242.97	16,772,165.24	17,588,022.86
Shares Outstanding (M)	722.84	722.84	722.84
Fair Value	$22,117.27	$23,203.16	$24,331.84
Upside / Downside	603.25%	637.78%	673.67%

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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%
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STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Hanwha Life Insurance Co., Ltd. (088350.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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