DDM Analysis: 007570.KS

Valuation Snapshot

Stable Growth	$2,805.79 - $3,784.90	$3,307.68
Multi-Stage	$8,681.25 - $9,626.36	$9,143.77
Blended Fair Value	$6,225.73
Current Price	$13,710.00
Upside	-54.59%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.55%	-7.61%	165.42	215.56	219.26	487.96	272.61	323.43	110.05	292.52	196.23	115.22
YoY Growth	-	-	-23.26%	-1.69%	-55.07%	79.00%	-15.71%	193.89%	-62.38%	49.07%	70.32%	-68.44%
Dividend Yield	-	-	1.67%	1.46%	1.30%	1.80%	0.82%	0.78%	0.38%	0.72%	0.52%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,262.02
(-) Cash Dividends Paid (M)	3,784.82
(=) Cash Retained (M)	7,477.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,252.40	1,407.75	844.65
Cash Retained (M)	7,477.20	7,477.20	7,477.20
(-) Cash Required (M)	-2,252.40	-1,407.75	-844.65
(=) Excess Retained (M)	5,224.79	6,069.44	6,632.55
(/) Shares Outstanding (M)	17.98	17.98	17.98
(=) Excess Retained per Share	290.59	337.57	368.89
LTM Dividend per Share	210.50	210.50	210.50
(+) Excess Retained per Share	290.59	337.57	368.89
(=) Adjusted Dividend	501.10	548.08	579.39
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-9.61%	-8.61%	-7.61%
Fair Value	$2,805.79	$3,307.68	$3,784.90
Upside / Downside	-79.53%	-75.87%	-72.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,262.02	10,292.33	9,406.13	8,596.24	7,856.08	7,179.65	7,395.04
Payout Ratio	33.61%	44.89%	56.16%	67.44%	78.72%	90.00%	92.50%
Projected Dividends (M)	3,784.82	4,619.77	5,282.88	5,797.54	6,184.42	6,461.69	6,840.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-9.61%	-8.61%	-7.61%
Year 1 PV (M)	4,289.03	4,336.48	4,383.93
Year 2 PV (M)	4,553.52	4,654.83	4,757.25
Year 3 PV (M)	4,639.37	4,795.06	4,954.19
Year 4 PV (M)	4,594.65	4,801.37	5,014.99
Year 5 PV (M)	4,456.95	4,709.00	4,972.34
PV of Terminal Value (M)	133,553.12	141,106.03	148,996.85
Equity Value (M)	156,086.63	164,402.77	173,079.56
Shares Outstanding (M)	17.98	17.98	17.98
Fair Value	$8,681.25	$9,143.77	$9,626.36
Upside / Downside	-36.68%	-33.31%	-29.79%

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Ilyang Pharmaceutical Co.,Ltd (007570.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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