DDM Analysis: 000050.KS

Valuation Snapshot

Stable Growth	$21,744.54 - $37,217.41	$28,443.03
Multi-Stage	$40,633.16 - $44,734.14	$42,643.74
Blended Fair Value	$35,543.38
Current Price	$7,090.00
Upside	401.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.60%	17.44%	124.79	124.78	125.43	130.29	132.48	135.27	197.99	197.99	137.49	55.00
YoY Growth	-	-	0.00%	-0.51%	-3.74%	-1.65%	-2.06%	-31.68%	0.00%	44.00%	150.00%	120.00%
Dividend Yield	-	-	1.92%	1.49%	1.17%	0.82%	1.00%	1.74%	1.93%	1.41%	0.93%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,619.83
(-) Cash Dividends Paid (M)	3,732.43
(=) Cash Retained (M)	39,887.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,723.97	5,452.48	3,271.49
Cash Retained (M)	39,887.40	39,887.40	39,887.40
(-) Cash Required (M)	-8,723.97	-5,452.48	-3,271.49
(=) Excess Retained (M)	31,163.43	34,434.92	36,615.91
(/) Shares Outstanding (M)	24.92	24.92	24.92
(=) Excess Retained per Share	1,250.30	1,381.56	1,469.06
LTM Dividend per Share	149.75	149.75	149.75
(+) Excess Retained per Share	1,250.30	1,381.56	1,469.06
(=) Adjusted Dividend	1,400.05	1,531.30	1,618.81
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.10%	0.90%	1.90%
Fair Value	$21,744.54	$28,443.03	$37,217.41
Upside / Downside	206.69%	301.17%	424.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,619.83	44,013.51	44,410.74	44,811.56	45,216.00	45,624.09	46,992.81
Payout Ratio	8.56%	24.85%	41.13%	57.42%	73.71%	90.00%	92.50%
Projected Dividends (M)	3,732.43	10,935.32	18,267.93	25,732.01	33,329.32	41,061.68	43,468.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.10%	0.90%	1.90%
Year 1 PV (M)	10,181.93	10,283.85	10,385.77
Year 2 PV (M)	15,837.50	16,156.15	16,477.97
Year 3 PV (M)	20,771.59	21,401.61	22,044.24
Year 4 PV (M)	25,050.78	26,068.95	27,117.85
Year 5 PV (M)	28,736.26	30,203.55	31,730.19
PV of Terminal Value (M)	912,193.18	958,770.51	1,007,231.32
Equity Value (M)	1,012,771.25	1,062,884.63	1,114,987.34
Shares Outstanding (M)	24.92	24.92	24.92
Fair Value	$40,633.16	$42,643.74	$44,734.14
Upside / Downside	473.11%	501.46%	530.95%

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Kyungbangco.Ltd (000050.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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