DDM Analysis: 002240.KS

Valuation Snapshot

Stable Growth	$27,255.02 - $49,441.48	$36,491.29
Multi-Stage	$46,652.77 - $51,307.52	$48,935.25
Blended Fair Value	$42,713.27
Current Price	$17,100.00
Upside	149.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.49%	5.71%	338.80	260.41	269.28	222.29	259.34	259.34	233.42	245.92	233.42	194.51
YoY Growth	-	-	30.10%	-3.29%	21.14%	-14.29%	0.00%	11.10%	-5.09%	5.36%	20.00%	0.00%
Dividend Yield	-	-	2.02%	1.32%	1.42%	1.19%	1.42%	2.56%	1.24%	1.08%	0.88%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	52,210.63
(-) Cash Dividends Paid (M)	9,466.90
(=) Cash Retained (M)	42,743.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,442.13	6,526.33	3,915.80
Cash Retained (M)	42,743.74	42,743.74	42,743.74
(-) Cash Required (M)	-10,442.13	-6,526.33	-3,915.80
(=) Excess Retained (M)	32,301.61	36,217.41	38,827.94
(/) Shares Outstanding (M)	26.98	26.98	26.98
(=) Excess Retained per Share	1,197.04	1,342.16	1,438.90
LTM Dividend per Share	350.83	350.83	350.83
(+) Excess Retained per Share	1,197.04	1,342.16	1,438.90
(=) Adjusted Dividend	1,547.87	1,692.98	1,789.73
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.63%	1.63%	2.63%
Fair Value	$27,255.02	$36,491.29	$49,441.48
Upside / Downside	59.39%	113.40%	189.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52,210.63	53,064.16	53,931.64	54,813.31	55,709.38	56,620.11	58,318.71
Payout Ratio	18.13%	32.51%	46.88%	61.25%	75.63%	90.00%	92.50%
Projected Dividends (M)	9,466.90	17,248.88	25,282.76	33,574.71	42,131.01	50,958.10	53,944.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.63%	1.63%	2.63%
Year 1 PV (M)	16,059.38	16,218.96	16,378.55
Year 2 PV (M)	21,915.97	22,353.69	22,795.74
Year 3 PV (M)	27,096.71	27,912.54	28,744.58
Year 4 PV (M)	31,657.33	32,934.52	34,249.96
Year 5 PV (M)	35,649.52	37,456.30	39,335.61
PV of Terminal Value (M)	1,126,522.85	1,183,617.17	1,243,003.29
Equity Value (M)	1,258,901.76	1,320,493.18	1,384,507.72
Shares Outstanding (M)	26.98	26.98	26.98
Fair Value	$46,652.77	$48,935.25	$51,307.52
Upside / Downside	172.82%	186.17%	200.04%

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Kiswire Ltd. (002240.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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