DDM Analysis: 058610.KQ

Valuation Snapshot

Stable Growth	$5,723.56 - $9,112.92	$7,264.24
Multi-Stage	$6,686.66 - $7,317.69	$6,996.31
Blended Fair Value	$7,130.27
Current Price	$27,600.00
Upside	-74.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	17.18%	0.00%	200.27	200.27	245.29	135.98	90.65	90.65	43.52	83.88	36.53	0.00
YoY Growth	-	-	0.00%	-18.35%	80.39%	50.00%	0.00%	108.30%	-48.12%	129.61%	0.00%	0.00%
Dividend Yield	-	-	0.88%	0.68%	0.74%	0.96%	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)	11,965.57
(-) Cash Dividends Paid (M)	3,326.60
(=) Cash Retained (M)	8,638.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,393.11	1,495.70	897.42
Cash Retained (M)	8,638.96	8,638.96	8,638.96
(-) Cash Required (M)	-2,393.11	-1,495.70	-897.42
(=) Excess Retained (M)	6,245.85	7,143.27	7,741.55
(/) Shares Outstanding (M)	22.15	22.15	22.15
(=) Excess Retained per Share	282.01	322.53	349.54
LTM Dividend per Share	150.20	150.20	150.20
(+) Excess Retained per Share	282.01	322.53	349.54
(=) Adjusted Dividend	432.21	472.73	499.75
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	2.04%	3.04%	4.04%
Fair Value	$5,723.56	$7,264.24	$9,112.92
Upside / Downside	-79.26%	-73.68%	-66.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,965.57	12,329.04	12,703.54	13,089.43	13,487.04	13,896.72	14,313.62
Payout Ratio	27.80%	40.24%	52.68%	65.12%	77.56%	90.00%	92.50%
Projected Dividends (M)	3,326.60	4,961.35	6,692.34	8,523.91	10,460.59	12,507.05	13,240.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	2.04%	3.04%	4.04%
Year 1 PV (M)	4,477.00	4,520.88	4,564.76
Year 2 PV (M)	5,449.46	5,556.80	5,665.18
Year 3 PV (M)	6,263.29	6,449.24	6,638.85
Year 4 PV (M)	6,935.97	7,211.89	7,495.96
Year 5 PV (M)	7,483.31	7,857.26	8,246.01
PV of Terminal Value (M)	117,483.81	123,354.65	129,457.87
Equity Value (M)	148,092.84	154,950.72	162,068.63
Shares Outstanding (M)	22.15	22.15	22.15
Fair Value	$6,686.66	$6,996.31	$7,317.69
Upside / Downside	-75.77%	-74.65%	-73.49%

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SPG Co., Ltd. (058610.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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