DDM Analysis: 091990.KQ

Valuation Snapshot

Stable Growth	$1,762.38 - $2,495.21	$2,124.30
Multi-Stage	$2,744.15 - $3,006.34	$2,872.74
Blended Fair Value	$2,498.52
Current Price	$63,000.00
Upside	-96.03%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	0.00%	249.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,133.42
(-) Cash Dividends Paid (M)	20,164.30
(=) Cash Retained (M)	22,969.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,626.68	5,391.68	3,235.01
Cash Retained (M)	22,969.12	22,969.12	22,969.12
(-) Cash Required (M)	-8,626.68	-5,391.68	-3,235.01
(=) Excess Retained (M)	14,342.44	17,577.44	19,734.12
(/) Shares Outstanding (M)	159.90	159.90	159.90
(=) Excess Retained per Share	89.70	109.93	123.42
LTM Dividend per Share	126.11	126.11	126.11
(+) Excess Retained per Share	89.70	109.93	123.42
(=) Adjusted Dividend	215.80	236.03	249.52
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,762.38	$2,124.30	$2,495.21
Upside / Downside	-97.20%	-96.63%	-96.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,133.42	42,702.09	42,275.07	41,852.31	41,433.79	41,019.45	42,250.04
Payout Ratio	46.75%	55.40%	64.05%	72.70%	81.35%	90.00%	92.50%
Projected Dividends (M)	20,164.30	23,656.50	27,076.84	30,426.41	33,706.28	36,917.51	39,081.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21,288.68	21,505.91	21,723.14
Year 2 PV (M)	21,927.77	22,377.55	22,831.91
Year 3 PV (M)	22,174.06	22,859.81	23,559.55
Year 4 PV (M)	22,105.67	23,021.84	23,966.21
Year 5 PV (M)	21,788.30	22,922.87	24,104.21
PV of Terminal Value (M)	329,504.82	346,662.90	364,528.42
Equity Value (M)	438,789.29	459,350.88	480,713.44
Shares Outstanding (M)	159.90	159.90	159.90
Fair Value	$2,744.15	$2,872.74	$3,006.34
Upside / Downside	-95.64%	-95.44%	-95.23%

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Celltrion Healthcare Co., Ltd. (091990.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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