DDM Analysis: 214450.KQ

Valuation Snapshot

Stable Growth	$257,890.61 - $559,623.12	$369,090.76
Multi-Stage	$184,352.75 - $201,503.37	$192,772.34
Blended Fair Value	$280,931.55
Current Price	$601,000.00
Upside	-53.26%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.68%	0.00%	892.03	665.60	558.32	444.66	260.14	262.86	247.70	249.34	167.37	0.00
YoY Growth	-	-	34.02%	19.22%	25.56%	70.93%	-1.04%	6.12%	-0.66%	48.98%	0.00%	0.00%
Dividend Yield	-	-	0.27%	0.62%	0.80%	0.48%	0.39%	0.68%	0.63%	0.46%	0.51%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151,242.78
(-) Cash Dividends Paid (M)	12,308.61
(=) Cash Retained (M)	138,934.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30,248.56	18,905.35	11,343.21
Cash Retained (M)	138,934.17	138,934.17	138,934.17
(-) Cash Required (M)	-30,248.56	-18,905.35	-11,343.21
(=) Excess Retained (M)	108,685.61	120,028.82	127,590.96
(/) Shares Outstanding (M)	11.31	11.31	11.31
(=) Excess Retained per Share	9,608.20	10,610.99	11,279.51
LTM Dividend per Share	1,088.13	1,088.13	1,088.13
(+) Excess Retained per Share	9,608.20	10,610.99	11,279.51
(=) Adjusted Dividend	10,696.33	11,699.11	12,367.63
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$257,890.61	$369,090.76	$559,623.12
Upside / Downside	-57.09%	-38.59%	-6.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151,242.78	161,073.56	171,543.34	182,693.66	194,568.75	207,215.72	213,432.19
Payout Ratio	8.14%	24.51%	40.88%	57.26%	73.63%	90.00%	92.50%
Projected Dividends (M)	12,308.61	39,480.18	70,132.05	104,601.85	143,256.42	186,494.15	197,424.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35,594.27	35,931.66	36,269.05
Year 2 PV (M)	57,005.74	58,091.54	59,187.58
Year 3 PV (M)	76,655.35	78,855.85	81,098.06
Year 4 PV (M)	94,649.48	98,289.43	102,033.37
Year 5 PV (M)	111,088.82	116,454.45	122,025.44
PV of Terminal Value (M)	1,710,358.59	1,792,969.55	1,878,742.23
Equity Value (M)	2,085,352.24	2,180,592.47	2,279,355.72
Shares Outstanding (M)	11.31	11.31	11.31
Fair Value	$184,352.75	$192,772.34	$201,503.37
Upside / Downside	-69.33%	-67.92%	-66.47%

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PharmaResearch Co., Ltd. (214450.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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