DDM Analysis: 001880.KS

Valuation Snapshot

Stable Growth	$16,743.40 - $25,908.57	$20,993.16
Multi-Stage	$37,293.61 - $41,108.39	$39,163.27
Blended Fair Value	$30,078.22
Current Price	$12,510.00
Upside	140.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	0.00%	0.00	774.01	777.93	260.55	162.84	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-0.50%	198.57%	60.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	5.79%	2.66%	0.75%	1.10%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41,905.68
(-) Cash Dividends Paid (M)	7,012.66
(=) Cash Retained (M)	34,893.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,381.14	5,238.21	3,142.93
Cash Retained (M)	34,893.02	34,893.02	34,893.02
(-) Cash Required (M)	-8,381.14	-5,238.21	-3,142.93
(=) Excess Retained (M)	26,511.88	29,654.81	31,750.09
(/) Shares Outstanding (M)	23.30	23.30	23.30
(=) Excess Retained per Share	1,137.67	1,272.54	1,362.45
LTM Dividend per Share	300.93	300.93	300.93
(+) Excess Retained per Share	1,137.67	1,272.54	1,362.45
(=) Adjusted Dividend	1,438.60	1,573.47	1,663.38
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$16,743.40	$20,993.16	$25,908.57
Upside / Downside	33.84%	67.81%	107.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41,905.68	41,486.62	41,071.76	40,661.04	40,254.43	39,851.88	41,047.44
Payout Ratio	16.73%	31.39%	46.04%	60.69%	75.35%	90.00%	92.50%
Projected Dividends (M)	7,012.66	13,021.62	18,909.70	24,678.71	30,330.45	35,866.70	37,968.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12,112.45	12,236.04	12,359.64
Year 2 PV (M)	16,361.32	16,696.93	17,035.94
Year 3 PV (M)	19,862.00	20,476.25	21,103.03
Year 4 PV (M)	22,706.30	23,647.37	24,617.39
Year 5 PV (M)	24,976.16	26,276.72	27,630.91
PV of Terminal Value (M)	773,057.80	813,312.71	855,227.36
Equity Value (M)	869,076.02	912,646.02	957,974.28
Shares Outstanding (M)	23.30	23.30	23.30
Fair Value	$37,293.61	$39,163.27	$41,108.39
Upside / Downside	198.11%	213.06%	228.60%

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DL Construction Co., Ltd. (001880.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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