DDM Analysis: 103590.KS

Valuation Snapshot

Stable Growth	$301,771.56 - $355,538.03	$333,191.20
Multi-Stage	$206,391.32 - $226,494.48	$216,255.25
Blended Fair Value	$274,723.22
Current Price	$35,300.00
Upside	678.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	12.13%	169.74	100.30	77.15	46.29	0.00	0.00	46.29	46.29	61.72	61.72
YoY Growth	-	-	69.23%	30.00%	66.67%	0.00%	0.00%	-100.00%	0.00%	-25.01%	0.01%	14.29%
Dividend Yield	-	-	0.68%	0.51%	1.33%	0.87%	0.00%	0.00%	1.49%	1.00%	1.37%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	85,901.65
(-) Cash Dividends Paid (M)	28,606.36
(=) Cash Retained (M)	57,295.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17,180.33	10,737.71	6,442.62
Cash Retained (M)	57,295.29	57,295.29	57,295.29
(-) Cash Required (M)	-17,180.33	-10,737.71	-6,442.62
(=) Excess Retained (M)	40,114.96	46,557.58	50,852.67
(/) Shares Outstanding (M)	48.05	48.05	48.05
(=) Excess Retained per Share	834.85	968.94	1,058.32
LTM Dividend per Share	595.34	595.34	595.34
(+) Excess Retained per Share	834.85	968.94	1,058.32
(=) Adjusted Dividend	1,430.20	1,564.28	1,653.67
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$301,771.56	$333,191.20	$355,538.03
Upside / Downside	754.88%	843.88%	907.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	85,901.65	91,485.26	97,431.80	103,764.87	110,509.58	117,692.71	121,223.49
Payout Ratio	33.30%	44.64%	55.98%	67.32%	78.66%	90.00%	92.50%
Projected Dividends (M)	28,606.36	40,839.97	54,543.08	69,855.05	86,927.13	105,923.44	112,131.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39,586.91	39,962.14	40,337.37
Year 2 PV (M)	51,247.42	52,223.54	53,208.87
Year 3 PV (M)	63,620.39	65,446.70	67,307.64
Year 4 PV (M)	76,739.69	79,690.89	82,726.39
Year 5 PV (M)	90,640.65	95,018.62	99,564.15
PV of Terminal Value (M)	9,595,319.41	10,058,776.93	10,539,972.05
Equity Value (M)	9,917,154.47	10,391,118.82	10,883,116.48
Shares Outstanding (M)	48.05	48.05	48.05
Fair Value	$206,391.32	$216,255.25	$226,494.48
Upside / Downside	484.68%	512.62%	541.63%

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Iljin Electric Co.,Ltd (103590.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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