DDM Analysis: 136490.KS

Valuation Snapshot

Stable Growth	$495,742.88 - $584,069.11	$547,358.29
Multi-Stage	$111,186.34 - $121,908.48	$116,447.98
Blended Fair Value	$331,903.14
Current Price	$11,270.00
Upside	2,845.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.44%	11.59%	102.51	105.00	100.01	100.01	50.00	50.00	0.00	34.23	34.23	34.23
YoY Growth	-	-	-2.38%	5.00%	0.00%	100.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.94%	1.43%	1.16%	0.85%	0.30%	0.80%	0.00%	0.22%	0.21%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69,830.58
(-) Cash Dividends Paid (M)	2,377.92
(=) Cash Retained (M)	67,452.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,966.12	8,728.82	5,237.29
Cash Retained (M)	67,452.66	67,452.66	67,452.66
(-) Cash Required (M)	-13,966.12	-8,728.82	-5,237.29
(=) Excess Retained (M)	53,486.55	58,723.84	62,215.37
(/) Shares Outstanding (M)	23.78	23.78	23.78
(=) Excess Retained per Share	2,249.48	2,469.75	2,616.59
LTM Dividend per Share	100.01	100.01	100.01
(+) Excess Retained per Share	2,249.48	2,469.75	2,616.59
(=) Adjusted Dividend	2,349.49	2,569.76	2,716.60
WACC / Discount Rate	5.69%	5.69%	5.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$495,742.88	$547,358.29	$584,069.11
Upside / Downside	4,298.78%	4,756.77%	5,082.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69,830.58	74,369.57	79,203.59	84,351.83	89,834.70	95,673.95	98,544.17
Payout Ratio	3.41%	20.72%	38.04%	55.36%	72.68%	90.00%	92.50%
Projected Dividends (M)	2,377.92	15,412.51	30,131.55	46,698.95	65,292.80	86,106.56	91,153.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.69%	5.69%	5.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14,445.90	14,582.82	14,719.75
Year 2 PV (M)	26,470.59	26,974.79	27,483.73
Year 3 PV (M)	38,452.13	39,555.95	40,680.70
Year 4 PV (M)	50,390.62	52,328.50	54,321.75
Year 5 PV (M)	62,286.18	65,294.63	68,418.22
PV of Terminal Value (M)	2,451,660.04	2,570,076.13	2,693,024.29
Equity Value (M)	2,643,705.46	2,768,812.83	2,898,648.44
Shares Outstanding (M)	23.78	23.78	23.78
Fair Value	$111,186.34	$116,447.98	$121,908.48
Upside / Downside	886.57%	933.26%	981.71%

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Sunjin Co.,Ltd. (136490.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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