DDM Analysis: 004490.KS

Valuation Snapshot

Stable Growth	$733,756.25 - $2,000,331.55	$1,874,603.61
Multi-Stage	$276,431.67 - $302,803.92	$289,374.67
Blended Fair Value	$1,081,989.14
Current Price	$63,800.00
Upside	1,595.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.75%	8.53%	721.30	628.07	633.88	532.22	523.87	520.32	416.24	364.19	364.19	315.65
YoY Growth	-	-	14.84%	-0.92%	19.10%	1.59%	0.68%	25.00%	14.29%	0.00%	15.38%	-0.76%
Dividend Yield	-	-	1.11%	0.80%	1.14%	0.78%	0.67%	2.00%	0.89%	1.12%	0.99%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	132,831.57
(-) Cash Dividends Paid (M)	14,814.90
(=) Cash Retained (M)	118,016.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26,566.31	16,603.95	9,962.37
Cash Retained (M)	118,016.67	118,016.67	118,016.67
(-) Cash Required (M)	-26,566.31	-16,603.95	-9,962.37
(=) Excess Retained (M)	91,450.36	101,412.73	108,054.31
(/) Shares Outstanding (M)	13.21	13.21	13.21
(=) Excess Retained per Share	6,924.78	7,679.15	8,182.06
LTM Dividend per Share	1,121.81	1,121.81	1,121.81
(+) Excess Retained per Share	6,924.78	7,679.15	8,182.06
(=) Adjusted Dividend	8,046.59	8,800.96	9,303.87
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$733,756.25	$1,874,603.61	$2,000,331.55
Upside / Downside	1,050.09%	2,838.25%	3,035.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	132,831.57	141,465.62	150,660.89	160,453.85	170,883.35	181,990.76	187,450.49
Payout Ratio	11.15%	26.92%	42.69%	58.46%	74.23%	90.00%	92.50%
Projected Dividends (M)	14,814.90	38,086.10	64,319.97	93,803.34	126,847.78	163,791.69	173,391.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35,373.68	35,708.98	36,044.27
Year 2 PV (M)	55,484.71	56,541.53	57,608.33
Year 3 PV (M)	75,155.27	77,312.71	79,511.04
Year 4 PV (M)	94,392.55	98,022.63	101,756.40
Year 5 PV (M)	113,203.65	118,671.43	124,348.47
PV of Terminal Value (M)	3,277,015.83	3,435,296.92	3,599,635.80
Equity Value (M)	3,650,625.69	3,821,554.19	3,998,904.32
Shares Outstanding (M)	13.21	13.21	13.21
Fair Value	$276,431.67	$289,374.67	$302,803.92
Upside / Downside	333.28%	353.57%	374.61%

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Sebang Global Battery Co., Ltd. (004490.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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