DDM Analysis: 120030.KS

Valuation Snapshot

Stable Growth	$74,860.39 - $103,432.43	$89,233.88
Multi-Stage	$143,199.04 - $158,118.39	$150,507.78
Blended Fair Value	$119,870.83
Current Price	$105,400.00
Upside	13.73%
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	-21.14%	0.00%	527.95	1,598.09	1,605.70	1,653.37	1,681.80	1,730.86	1,836.98	1,927.39	0.00	0.00
YoY Growth	-	-	-66.96%	-0.47%	-2.88%	-1.69%	-2.83%	-5.78%	-4.69%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.56%	1.64%	1.61%	1.45%	1.24%	2.24%	2.25%	2.58%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,860.17
(-) Cash Dividends Paid (M)	475.04
(=) Cash Retained (M)	12,385.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,572.03	1,607.52	964.51
Cash Retained (M)	12,385.13	12,385.13	12,385.13
(-) Cash Required (M)	-2,572.03	-1,607.52	-964.51
(=) Excess Retained (M)	9,813.09	10,777.61	11,420.62
(/) Shares Outstanding (M)	0.95	0.95	0.95
(=) Excess Retained per Share	10,361.23	11,379.62	12,058.54
LTM Dividend per Share	501.58	501.58	501.58
(+) Excess Retained per Share	10,361.23	11,379.62	12,058.54
(=) Adjusted Dividend	10,862.81	11,881.20	12,560.12
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	-5.26%	-4.26%	-3.26%
Fair Value	$74,860.39	$89,233.88	$103,432.43
Upside / Downside	-28.97%	-15.34%	-1.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,860.17	12,312.06	11,787.30	11,284.92	10,803.94	10,343.47	10,653.77
Payout Ratio	3.69%	20.96%	38.22%	55.48%	72.74%	90.00%	92.50%
Projected Dividends (M)	475.04	2,580.01	4,504.68	6,260.60	7,858.66	9,309.12	9,854.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	-5.26%	-4.26%	-3.26%
Year 1 PV (M)	2,353.37	2,378.21	2,403.05
Year 2 PV (M)	3,748.03	3,827.57	3,907.95
Year 3 PV (M)	4,751.44	4,903.50	5,058.76
Year 4 PV (M)	5,440.36	5,673.72	5,914.52
Year 5 PV (M)	5,878.38	6,195.25	6,525.63
PV of Terminal Value (M)	113,451.87	119,567.28	125,943.62
Equity Value (M)	135,623.46	142,545.54	149,753.53
Shares Outstanding (M)	0.95	0.95	0.95
Fair Value	$143,199.04	$150,507.78	$158,118.39
Upside / Downside	35.86%	42.80%	50.02%

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CHOSUN WELDING POHANG Co., Ltd (120030.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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