DDM Analysis: 004360.KS

Valuation Snapshot

Stable Growth	$239,299.67 - $572,328.13	$536,355.27
Multi-Stage	$82,500.25 - $90,380.00	$86,367.43
Blended Fair Value	$311,361.35
Current Price	$14,810.00
Upside	2,002.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	69.99%	6.56%	309.35	273.73	204.93	204.27	185.33	21.80	185.33	186.88	187.78	161.81
YoY Growth	-	-	13.01%	33.57%	0.32%	10.22%	750.31%	-88.24%	-0.83%	-0.48%	16.05%	-1.27%
Dividend Yield	-	-	2.77%	2.30%	0.45%	1.73%	1.40%	0.28%	1.27%	1.35%	1.19%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62,256.78
(-) Cash Dividends Paid (M)	7,052.99
(=) Cash Retained (M)	55,203.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,451.36	7,782.10	4,669.26
Cash Retained (M)	55,203.79	55,203.79	55,203.79
(-) Cash Required (M)	-12,451.36	-7,782.10	-4,669.26
(=) Excess Retained (M)	42,752.43	47,421.69	50,534.53
(/) Shares Outstanding (M)	21.63	21.63	21.63
(=) Excess Retained per Share	1,976.24	2,192.07	2,335.97
LTM Dividend per Share	326.03	326.03	326.03
(+) Excess Retained per Share	1,976.24	2,192.07	2,335.97
(=) Adjusted Dividend	2,302.26	2,518.10	2,661.99
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$239,299.67	$536,355.27	$572,328.13
Upside / Downside	1,515.80%	3,521.58%	3,764.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62,256.78	66,303.47	70,613.20	75,203.06	80,091.26	85,297.19	87,856.10
Payout Ratio	11.33%	27.06%	42.80%	58.53%	74.27%	90.00%	92.50%
Projected Dividends (M)	7,052.99	17,943.77	30,220.56	44,017.51	59,480.39	76,767.47	81,266.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,688.06	16,846.24	17,004.42
Year 2 PV (M)	26,138.86	26,636.73	27,139.30
Year 3 PV (M)	35,408.03	36,424.47	37,460.17
Year 4 PV (M)	44,498.17	46,209.45	47,969.61
Year 5 PV (M)	53,411.85	55,991.67	58,670.21
PV of Terminal Value (M)	1,608,603.47	1,686,299.62	1,766,969.38
Equity Value (M)	1,784,748.45	1,868,408.17	1,955,213.11
Shares Outstanding (M)	21.63	21.63	21.63
Fair Value	$82,500.25	$86,367.43	$90,380.00
Upside / Downside	457.06%	483.17%	510.26%

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Sebang Co., Ltd (004360.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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