DDM Analysis: 016610.KS

Valuation Snapshot

Stable Growth	$44,562.55 - $261,877.00	$82,155.70
Multi-Stage	$33,173.45 - $36,336.83	$34,725.81
Blended Fair Value	$58,440.76
Current Price	$8,290.00
Upside	604.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.69%	31.92%	212.27	181.93	527.11	321.61	270.23	269.94	116.07	13.30	13.30	116.07
YoY Growth	-	-	16.68%	-65.49%	63.90%	19.02%	0.11%	132.57%	772.93%	0.00%	-88.54%	772.93%
Dividend Yield	-	-	3.98%	4.34%	13.13%	4.81%	4.47%	8.95%	2.38%	0.32%	0.37%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53,641.90
(-) Cash Dividends Paid (M)	16,222.35
(=) Cash Retained (M)	37,419.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,728.38	6,705.24	4,023.14
Cash Retained (M)	37,419.55	37,419.55	37,419.55
(-) Cash Required (M)	-10,728.38	-6,705.24	-4,023.14
(=) Excess Retained (M)	26,691.17	30,714.31	33,396.41
(/) Shares Outstanding (M)	40.31	40.31	40.31
(=) Excess Retained per Share	662.13	761.93	828.46
LTM Dividend per Share	402.43	402.43	402.43
(+) Excess Retained per Share	662.13	761.93	828.46
(=) Adjusted Dividend	1,064.55	1,164.36	1,230.89
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	4.38%	5.38%	6.38%
Fair Value	$44,562.55	$82,155.70	$261,877.00
Upside / Downside	437.55%	891.02%	3,058.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53,641.90	56,526.23	59,565.64	62,768.49	66,143.56	69,700.10	71,791.10
Payout Ratio	30.24%	42.19%	54.15%	66.10%	78.05%	90.00%	92.50%
Projected Dividends (M)	16,222.35	23,850.42	32,251.91	41,487.95	51,623.98	62,730.09	66,406.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	4.38%	5.38%	6.38%
Year 1 PV (M)	22,105.35	22,317.13	22,528.91
Year 2 PV (M)	27,704.99	28,238.40	28,776.89
Year 3 PV (M)	33,031.31	33,989.82	34,966.69
Year 4 PV (M)	38,094.00	39,574.98	41,098.72
Year 5 PV (M)	42,902.47	44,997.40	47,173.37
PV of Terminal Value (M)	1,173,424.95	1,230,723.29	1,290,238.38
Equity Value (M)	1,337,263.07	1,399,841.01	1,464,782.97
Shares Outstanding (M)	40.31	40.31	40.31
Fair Value	$33,173.45	$34,725.81	$36,336.83
Upside / Downside	300.16%	318.89%	338.32%

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DB Securities Co., Ltd. (016610.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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