DDM Analysis: 010120.KS

Valuation Snapshot

Stable Growth	$1,531,797.43 - $1,804,716.91	$1,691,284.04
Multi-Stage	$1,018,409.13 - $1,117,593.29	$1,067,075.44
Blended Fair Value	$1,379,179.74
Current Price	$284,500.00
Upside	384.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.67%	9.86%	2,825.04	1,108.68	1,007.32	1,100.56	1,200.57	1,200.60	1,102.70	800.36	1,000.45	1,300.59
YoY Growth	-	-	154.81%	10.06%	-8.47%	-8.33%	0.00%	8.88%	37.77%	-20.00%	-23.08%	17.89%
Dividend Yield	-	-	1.61%	1.13%	1.78%	2.44%	1.97%	3.48%	2.27%	1.30%	2.12%	2.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	265,977.39
(-) Cash Dividends Paid (M)	87,507.42
(=) Cash Retained (M)	178,469.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53,195.48	33,247.17	19,948.30
Cash Retained (M)	178,469.97	178,469.97	178,469.97
(-) Cash Required (M)	-53,195.48	-33,247.17	-19,948.30
(=) Excess Retained (M)	125,274.49	145,222.79	158,521.66
(/) Shares Outstanding (M)	29.31	29.31	29.31
(=) Excess Retained per Share	4,274.12	4,954.72	5,408.45
LTM Dividend per Share	2,985.58	2,985.58	2,985.58
(+) Excess Retained per Share	4,274.12	4,954.72	5,408.45
(=) Adjusted Dividend	7,259.70	7,940.30	8,394.03
WACC / Discount Rate	2.78%	2.78%	2.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,531,797.43	$1,691,284.04	$1,804,716.91
Upside / Downside	438.42%	494.48%	534.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	265,977.39	283,265.92	301,678.20	321,287.28	342,170.96	364,412.07	375,344.43
Payout Ratio	32.90%	44.32%	55.74%	67.16%	78.58%	90.00%	92.50%
Projected Dividends (M)	87,507.42	125,544.19	168,156.01	215,776.95	268,878.16	327,970.86	347,193.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.78%	2.78%	2.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	120,999.87	122,146.79	123,293.71
Year 2 PV (M)	156,202.87	159,178.10	162,181.39
Year 3 PV (M)	193,183.47	198,729.07	204,379.80
Year 4 PV (M)	232,011.08	240,933.58	250,110.98
Year 5 PV (M)	272,757.54	285,931.84	299,610.34
PV of Terminal Value (M)	28,874,416.66	30,269,061.78	31,717,083.25
Equity Value (M)	29,849,571.49	31,275,981.15	32,756,659.46
Shares Outstanding (M)	29.31	29.31	29.31
Fair Value	$1,018,409.13	$1,067,075.44	$1,117,593.29
Upside / Downside	257.96%	275.07%	292.83%

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LS ELECTRIC Co., Ltd. (010120.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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