DDM Analysis: 036570.KS

Valuation Snapshot

Stable Growth	$314,984.37 - $692,648.12	$453,026.13
Multi-Stage	$1,391,458.51 - $1,540,299.08	$1,464,360.89
Blended Fair Value	$958,693.51
Current Price	$216,000.00
Upside	343.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.59%	18.18%	3,277.39	6,993.99	6,135.45	9,084.13	5,546.10	6,423.28	7,976.14	4,183.31	3,096.78	3,539.06
YoY Growth	-	-	-53.14%	13.99%	-32.46%	63.79%	-13.66%	-19.47%	90.67%	35.09%	-12.50%	473.62%
Dividend Yield	-	-	2.19%	3.40%	1.65%	1.94%	0.64%	0.99%	1.63%	1.00%	1.02%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	341,592.84
(-) Cash Dividends Paid (M)	28,314.46
(=) Cash Retained (M)	313,278.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68,318.57	42,699.11	25,619.46
Cash Retained (M)	313,278.38	313,278.38	313,278.38
(-) Cash Required (M)	-68,318.57	-42,699.11	-25,619.46
(=) Excess Retained (M)	244,959.81	270,579.27	287,658.91
(/) Shares Outstanding (M)	19.40	19.40	19.40
(=) Excess Retained per Share	12,629.56	13,950.44	14,831.03
LTM Dividend per Share	1,459.83	1,459.83	1,459.83
(+) Excess Retained per Share	12,629.56	13,950.44	14,831.03
(=) Adjusted Dividend	14,089.39	15,410.27	16,290.86
WACC / Discount Rate	0.83%	0.83%	0.83%
Growth Rate	-3.49%	-2.49%	-1.49%
Fair Value	$314,984.37	$453,026.13	$692,648.12
Upside / Downside	45.83%	109.73%	220.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	341,592.84	333,085.26	324,789.57	316,700.49	308,812.87	301,121.70	310,155.35
Payout Ratio	8.29%	24.63%	40.97%	57.32%	73.66%	90.00%	92.50%
Projected Dividends (M)	28,314.46	82,042.77	133,077.24	181,518.72	227,464.74	271,009.53	286,893.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.83%	0.83%	0.83%
Growth Rate	-3.49%	-2.49%	-1.49%
Year 1 PV (M)	80,535.88	81,370.36	82,204.85
Year 2 PV (M)	128,233.64	130,904.83	133,603.57
Year 3 PV (M)	171,699.37	177,092.15	182,596.68
Year 4 PV (M)	211,208.04	220,098.92	229,267.59
Year 5 PV (M)	247,018.81	260,084.43	273,697.17
PV of Terminal Value (M)	26,149,685.72	27,532,827.08	28,973,886.00
Equity Value (M)	26,988,381.46	28,402,377.78	29,875,255.86
Shares Outstanding (M)	19.40	19.40	19.40
Fair Value	$1,391,458.51	$1,464,360.89	$1,540,299.08
Upside / Downside	544.19%	577.94%	613.10%

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BKH	Black Hills Corporation	2.84%	$1.98	50.60%
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TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
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%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
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HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
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Ncsoft Corporation (036570.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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