DDM Analysis: 017810.KS

Valuation Snapshot

Stable Growth	$65,158.46 - $124,212.40	$116,405.21
Multi-Stage	$19,755.66 - $21,607.63	$20,664.69
Blended Fair Value	$68,534.95
Current Price	$14,780.00
Upside	363.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.34%	13.59%	439.44	383.21	119.02	120.20	120.13	136.54	122.33	110.89	110.89	122.46
YoY Growth	-	-	14.67%	221.97%	-0.98%	0.06%	-12.02%	11.61%	10.32%	0.00%	-9.45%	-0.35%
Dividend Yield	-	-	2.86%	3.45%	1.19%	0.71%	0.70%	1.48%	1.22%	0.81%	0.85%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,028.02
(-) Cash Dividends Paid (M)	17,721.15
(=) Cash Retained (M)	9,306.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,405.60	3,378.50	2,027.10
Cash Retained (M)	9,306.88	9,306.88	9,306.88
(-) Cash Required (M)	-5,405.60	-3,378.50	-2,027.10
(=) Excess Retained (M)	3,901.27	5,928.37	7,279.77
(/) Shares Outstanding (M)	43.27	43.27	43.27
(=) Excess Retained per Share	90.15	137.00	168.22
LTM Dividend per Share	409.51	409.51	409.51
(+) Excess Retained per Share	90.15	137.00	168.22
(=) Adjusted Dividend	499.66	546.50	577.73
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65,158.46	$116,405.21	$124,212.40
Upside / Downside	340.86%	687.59%	740.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,028.02	28,784.85	30,655.86	32,648.49	34,770.64	37,030.74	38,141.66
Payout Ratio	65.57%	70.45%	75.34%	80.23%	85.11%	90.00%	92.50%
Projected Dividends (M)	17,721.15	20,279.69	23,095.97	26,192.69	29,594.40	33,327.66	35,281.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18,897.05	19,076.17	19,255.29
Year 2 PV (M)	20,054.03	20,436.01	20,821.58
Year 3 PV (M)	21,192.31	21,800.67	22,420.55
Year 4 PV (M)	22,312.10	23,170.16	24,052.74
Year 5 PV (M)	23,413.62	24,544.51	25,718.68
PV of Terminal Value (M)	749,042.40	785,221.43	822,785.11
Equity Value (M)	854,911.53	894,248.95	935,053.96
Shares Outstanding (M)	43.27	43.27	43.27
Fair Value	$19,755.66	$20,664.69	$21,607.63
Upside / Downside	33.66%	39.82%	46.20%

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Pulmuone Co., Ltd. (017810.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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