DDM Analysis: 035000.KS

Valuation Snapshot

Stable Growth	$15,843.60 - $35,361.94	$22,898.85
Multi-Stage	$12,359.29 - $13,451.03	$12,895.46
Blended Fair Value	$17,897.16
Current Price	$8,900.00
Upside	101.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.47%	8.45%	450.38	400.34	350.30	300.25	300.25	250.21	250.21	250.21	200.17	200.17
YoY Growth	-	-	12.50%	14.29%	16.67%	0.00%	20.00%	0.00%	0.00%	25.00%	0.00%	0.00%
Dividend Yield	-	-	6.76%	6.29%	5.67%	4.56%	5.20%	6.01%	3.01%	2.88%	2.02%	2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,882.31
(-) Cash Dividends Paid (M)	10,534.97
(=) Cash Retained (M)	2,347.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,576.46	1,610.29	966.17
Cash Retained (M)	2,347.34	2,347.34	2,347.34
(-) Cash Required (M)	-2,576.46	-1,610.29	-966.17
(=) Excess Retained (M)	-229.12	737.06	1,381.17
(/) Shares Outstanding (M)	16.19	16.19	16.19
(=) Excess Retained per Share	-14.15	45.51	85.29
LTM Dividend per Share	650.55	650.55	650.55
(+) Excess Retained per Share	-14.15	45.51	85.29
(=) Adjusted Dividend	636.40	696.07	735.84
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	5.46%	6.46%	7.46%
Fair Value	$15,843.60	$22,898.85	$35,361.94
Upside / Downside	78.02%	157.29%	297.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,882.31	13,714.62	14,600.70	15,544.03	16,548.31	17,617.47	18,145.99
Payout Ratio	81.78%	83.42%	85.07%	86.71%	88.36%	90.00%	92.50%
Projected Dividends (M)	10,534.97	11,441.12	12,420.40	13,478.45	14,621.37	15,855.72	16,785.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	5.46%	6.46%	7.46%
Year 1 PV (M)	10,331.78	10,429.75	10,527.72
Year 2 PV (M)	10,128.58	10,321.58	10,516.39
Year 3 PV (M)	9,925.67	10,210.71	10,501.15
Year 4 PV (M)	9,723.32	10,097.39	10,482.16
Year 5 PV (M)	9,521.80	9,981.88	10,459.58
PV of Terminal Value (M)	150,513.66	157,786.28	165,337.34
Equity Value (M)	200,144.82	208,827.59	217,824.34
Shares Outstanding (M)	16.19	16.19	16.19
Fair Value	$12,359.29	$12,895.46	$13,451.03
Upside / Downside	38.87%	44.89%	51.14%

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600615.SS	Chongqing Fenghwa Group Co., Ltd.	0.06%	$0.01	15.34%
600654.SS	China Security Co., Ltd.	0.06%	$0.00	3.19%
603068.SS	Beken Corporation	0.06%	$0.02	19.57%
603328.SS	Guangdong Ellington Electronics Technology Co.,Ltd	0.06%	$0.01	1.50%
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AKSGY.IS	Akis Gayrimenkul Yatirim Ortakligi A.S.	0.06%	$0.00	0.27%
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BRIG.L	BlackRock Income and Growth Investment Trust plc	0.06%	$0.14	68.68%
BWY.L	Bellway p.l.c.	0.06%	$1.69	70.03%
CAPD.L	Capital Limited	0.06%	$0.07	24.60%
CASP.L	Caspian Sunrise plc	0.06%	$0.00	25.15%
CSSG.L	Croma Security Solutions Group plc	0.06%	$0.04	46.50%
DNET.JK	PT Indoritel Makmur Internasional Tbk.	0.06%	$5.00	6.08%
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EPWN.L	Epwin Group Plc	0.06%	$0.07	37.55%
ETGA.TA	ETGA Group Ltd	0.06%	$1.55	89.99%
FIBIH.TA	F.I.B.I. Holdings Ltd	0.06%	$16.92	41.38%
HSL.L	The Henderson Smaller Companies Investment Trust plc	0.06%	$0.50	70.94%
HSX.L	Hiscox Ltd	0.06%	$0.77	20.38%
HVO.L	hVIVO plc	0.06%	$0.00	12.02%
IBT.L	International Biotechnology Trust plc	0.06%	$0.61	57.78%
IDIN.TA	I.D.I. Insurance Company Ltd.	0.06%	$14.75	68.21%
IGG.L	IG Group Holdings plc	0.06%	$0.81	31.08%
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ITRK.L	Intertek Group plc	0.06%	$2.66	64.13%
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JUGI.L	JPMorgan UK Small Cap Growth & Income Plc	0.06%	$0.20	53.22%
LAAC	Lithium Americas (Argentina) Corp.	0.06%	$0.00	0.02%
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HS Ad Inc. (035000.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener