DDM Analysis: 095610.KQ

Valuation Snapshot

Stable Growth	$267,887.82 - $761,859.10	$713,973.55
Multi-Stage	$104,110.71 - $114,019.58	$108,973.89
Blended Fair Value	$411,473.72
Current Price	$43,200.00
Upside	852.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.71%	27.74%	499.96	499.96	591.92	484.54	328.10	437.47	444.31	243.34	123.16	93.62
YoY Growth	-	-	0.00%	-15.54%	22.16%	47.68%	-25.00%	-1.54%	82.59%	97.58%	31.55%	116.66%
Dividend Yield	-	-	2.30%	2.34%	2.72%	1.77%	0.96%	2.25%	2.38%	0.80%	0.53%	0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67,202.58
(-) Cash Dividends Paid (M)	10,524.74
(=) Cash Retained (M)	56,677.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,440.52	8,400.32	5,040.19
Cash Retained (M)	56,677.85	56,677.85	56,677.85
(-) Cash Required (M)	-13,440.52	-8,400.32	-5,040.19
(=) Excess Retained (M)	43,237.33	48,277.52	51,637.65
(/) Shares Outstanding (M)	17.54	17.54	17.54
(=) Excess Retained per Share	2,464.72	2,752.03	2,943.57
LTM Dividend per Share	599.96	599.96	599.96
(+) Excess Retained per Share	2,464.72	2,752.03	2,943.57
(=) Adjusted Dividend	3,064.68	3,351.99	3,543.53
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$267,887.82	$713,973.55	$761,859.10
Upside / Downside	520.11%	1,552.72%	1,663.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67,202.58	71,570.75	76,222.85	81,177.33	86,453.86	92,073.36	94,835.56
Payout Ratio	15.66%	30.53%	45.40%	60.26%	75.13%	90.00%	92.50%
Projected Dividends (M)	10,524.74	21,849.81	34,602.68	48,921.10	64,954.72	82,866.02	87,722.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	20,284.20	20,476.47	20,668.73
Year 2 PV (M)	29,821.54	30,389.56	30,962.93
Year 3 PV (M)	39,140.54	40,264.13	41,409.01
Year 4 PV (M)	48,244.92	50,100.28	52,008.65
Year 5 PV (M)	57,138.33	59,898.13	62,763.56
PV of Terminal Value (M)	1,631,732.59	1,710,545.88	1,792,375.55
Equity Value (M)	1,826,362.12	1,911,674.45	2,000,188.43
Shares Outstanding (M)	17.54	17.54	17.54
Fair Value	$104,110.71	$108,973.89	$114,019.58
Upside / Downside	141.00%	152.25%	163.93%

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TES Co., Ltd (095610.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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