DDM Analysis: 145270.KS

Valuation Snapshot

Stable Growth	$872.19 - $1,337.54	$1,089.32
Multi-Stage	$2,081.11 - $2,297.25	$2,187.02
Blended Fair Value	$1,638.17
Current Price	$955.00
Upside	71.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.69%	3.38%	97.35	110.67	39.42	79.35	24.19	18.97	18.60	17.44	17.77	37.23
YoY Growth	-	-	-12.04%	180.78%	-50.32%	227.99%	27.50%	2.00%	6.67%	-1.87%	-52.26%	-46.67%
Dividend Yield	-	-	10.14%	10.65%	4.35%	4.82%	1.66%	2.59%	2.15%	2.02%	1.41%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,518.86
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	4,518.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	903.77	564.86	338.91
Cash Retained (M)	4,518.86	4,518.86	4,518.86
(-) Cash Required (M)	-903.77	-564.86	-338.91
(=) Excess Retained (M)	3,615.09	3,954.00	4,179.94
(/) Shares Outstanding (M)	46.60	46.60	46.60
(=) Excess Retained per Share	77.58	84.85	89.70
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	77.58	84.85	89.70
(=) Adjusted Dividend	77.58	84.85	89.70
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.48%	-1.48%	-0.48%
Fair Value	$872.19	$1,089.32	$1,337.54
Upside / Downside	-8.67%	14.06%	40.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,518.86	4,452.02	4,386.16	4,321.28	4,257.36	4,194.39	4,320.22
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	801.36	1,579.02	2,333.49	3,065.30	3,774.95	3,996.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.48%	-1.48%	-0.48%
Year 1 PV (M)	746.95	754.61	762.27
Year 2 PV (M)	1,371.88	1,400.16	1,428.73
Year 3 PV (M)	1,889.73	1,948.46	2,008.39
Year 4 PV (M)	2,313.82	2,410.20	2,509.55
Year 5 PV (M)	2,656.03	2,795.02	2,939.78
PV of Terminal Value (M)	87,996.42	92,601.57	97,397.54
Equity Value (M)	96,974.82	101,910.02	107,046.27
Shares Outstanding (M)	46.60	46.60	46.60
Fair Value	$2,081.11	$2,187.02	$2,297.25
Upside / Downside	117.92%	129.01%	140.55%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 15 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
0R28.L	Newmont Corporation	2.49%	$1.01	15.53%
ETR	Entergy Corporation	2.49%	$2.34	57.35%
NKE	NIKE, Inc.	2.49%	$1.58	80.59%
OTTR	Otter Tail Corporation	2.49%	$2.03	30.69%
FHN	First Horizon Corporation	2.48%	$0.60	34.42%
PWP	Perella Weinberg Partners	2.48%	$0.44	69.65%
SCS	Steelcase Inc.	2.48%	$0.40	50.05%
PBI	Pitney Bowes Inc.	2.46%	$0.25	61.37%
RBCAA	Republic Bancorp, Inc.	2.45%	$1.67	25.85%
SRCE	1st Source Corporation	2.45%	$1.53	25.20%
TRMK	Trustmark Corporation	2.45%	$0.96	26.11%
VOYA	Voya Financial, Inc.	2.45%	$1.86	29.46%
AWK	American Water Works Company, Inc.	2.44%	$3.18	55.85%
LSTR	Landstar System, Inc.	2.44%	$3.58	90.21%
NGL	NGL Energy Partners LP	2.44%	$0.24	24.52%
TCFC	The Community Financial Corporation	2.44%	$0.66	12.72%
CADE	Cadence Bank	2.43%	$1.05	37.49%
JNJ	Johnson & Johnson	2.43%	$5.04	48.70%
MBCN	Middlefield Banc Corp.	2.43%	$0.83	42.36%
0L7G.L	Snap-on Incorporated	2.42%	$8.43	44.15%
ITW	Illinois Tool Works Inc.	2.42%	$6.04	58.20%
MOFG	MidWestOne Financial Group, Inc.	2.40%	$0.92	32.44%
FFIN	First Financial Bankshares, Inc.	2.39%	$0.72	42.45%
ADP	Automatic Data Processing, Inc.	2.38%	$6.03	59.30%
CAL	Caleres, Inc.	2.38%	$0.29	46.21%
ABM	ABM Industries Incorporated	2.37%	$1.01	54.79%
FUNC	First United Corporation	2.36%	$0.88	22.87%
HON	Honeywell International Inc.	2.36%	$4.63	48.21%
RILYK	B. Riley Financial, Inc. 5.50% Senior Notes Due 2026	2.36%	$0.58	56.91%
CDW	CDW Corporation	2.35%	$3.14	39.31%
CHMG	Chemung Financial Corporation	2.35%	$1.28	46.47%
LZB	La-Z-Boy Incorporated	2.35%	$0.88	40.20%
PKG	Packaging Corporation of America	2.35%	$4.97	50.31%
UNP	Union Pacific Corporation	2.35%	$5.44	45.77%
0K91.L	Northern Trust Corporation	2.34%	$3.20	35.68%
MCD	McDonald's Corporation	2.33%	$7.07	60.14%
MGEE	MGE Energy, Inc.	2.32%	$1.82	49.49%
MZTI	The Marzetti Company	2.32%	$3.82	61.80%
UNM	Unum Group	2.32%	$1.79	33.52%
RILYM	B. Riley Financial, Inc. - 6.37	2.31%	$0.58	56.91%
RILYO	B. Riley Financial, Inc. - 6.75	2.31%	$0.58	56.91%
HONIV	Honeywell International Inc. Common Stock Ex Distribution When Issued	2.30%	$4.63	48.21%
PGR	The Progressive Corporation	2.30%	$4.88	26.80%
WNEB	Western New England Bancorp, Inc.	2.30%	$0.28	43.00%
0R23.L	Halliburton Company	2.29%	$0.68	44.61%
ADS	Bread Financial Holdings, Inc.	2.29%	$1.30	21.08%
HLNE	Hamilton Lane Incorporated	2.29%	$3.13	74.09%
BSVN	Bank7 Corp.	2.28%	$0.94	20.81%
MCBC	Macatawa Bank Corporation	2.28%	$0.34	28.37%
BRKL	Brookline Bancorp, Inc.	2.27%	$0.54	61.06%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

K-TOP Reits Co.,Ltd. (145270.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener