DDM Analysis: 003850.KS

Valuation Snapshot

Stable Growth	$36,557.77 - $88,954.17	$83,363.09
Multi-Stage	$12,886.89 - $14,109.99	$13,487.19
Blended Fair Value	$48,425.14
Current Price	$8,230.00
Upside	488.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.82%	20.35%	95.17	92.64	92.67	63.45	59.13	35.48	95.64	22.77	21.89	20.83
YoY Growth	-	-	2.73%	-0.03%	46.05%	7.30%	66.67%	-62.90%	320.12%	3.99%	5.12%	39.48%
Dividend Yield	-	-	1.10%	0.72%	1.06%	0.48%	0.35%	0.39%	1.06%	0.27%	0.29%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31,800.53
(-) Cash Dividends Paid (M)	8,396.29
(=) Cash Retained (M)	23,404.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,360.11	3,975.07	2,385.04
Cash Retained (M)	23,404.24	23,404.24	23,404.24
(-) Cash Required (M)	-6,360.11	-3,975.07	-2,385.04
(=) Excess Retained (M)	17,044.13	19,429.17	21,019.20
(/) Shares Outstanding (M)	71.10	71.10	71.10
(=) Excess Retained per Share	239.73	273.28	295.64
LTM Dividend per Share	118.10	118.10	118.10
(+) Excess Retained per Share	239.73	273.28	295.64
(=) Adjusted Dividend	357.83	391.38	413.74
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36,557.77	$83,363.09	$88,954.17
Upside / Downside	344.20%	912.92%	980.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31,800.53	33,867.56	36,068.96	38,413.44	40,910.31	43,569.48	44,876.57
Payout Ratio	26.40%	39.12%	51.84%	64.56%	77.28%	90.00%	92.50%
Projected Dividends (M)	8,396.29	13,249.80	18,698.79	24,800.18	31,615.73	39,212.53	41,510.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12,320.53	12,437.32	12,554.10
Year 2 PV (M)	16,167.91	16,475.87	16,786.72
Year 3 PV (M)	19,939.54	20,511.94	21,095.18
Year 4 PV (M)	23,636.54	24,545.53	25,480.50
Year 5 PV (M)	27,259.99	28,576.66	29,943.72
PV of Terminal Value (M)	816,888.55	856,344.57	897,310.67
Equity Value (M)	916,213.07	958,891.88	1,003,170.89
Shares Outstanding (M)	71.10	71.10	71.10
Fair Value	$12,886.89	$13,487.19	$14,109.99
Upside / Downside	56.58%	63.88%	71.45%

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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%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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Boryung Corporation (003850.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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