DDM Analysis: 002380.KS

Valuation Snapshot

Stable Growth	$7,530,028.37 - $31,672,972.43	$18,907,520.15
Multi-Stage	$4,175,770.07 - $4,576,726.74	$4,372,531.80
Blended Fair Value	$11,640,025.98
Current Price	$384,000.00
Upside	2,931.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.84%	-2.88%	8,000.19	8,000.19	7,248.18	6,248.15	6,804.49	12,034.29	12,034.41	12,059.64	12,069.50	11,989.72
YoY Growth	-	-	0.00%	10.38%	16.01%	-8.18%	-43.46%	0.00%	-0.21%	-0.08%	0.67%	11.84%
Dividend Yield	-	-	3.17%	3.11%	3.26%	1.83%	2.87%	9.29%	3.85%	3.49%	3.41%	2.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,177,191.38
(-) Cash Dividends Paid (M)	73,541.71
(=) Cash Retained (M)	1,103,649.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	235,438.28	147,148.92	88,289.35
Cash Retained (M)	1,103,649.67	1,103,649.67	1,103,649.67
(-) Cash Required (M)	-235,438.28	-147,148.92	-88,289.35
(=) Excess Retained (M)	868,211.40	956,500.75	1,015,360.32
(/) Shares Outstanding (M)	7.35	7.35	7.35
(=) Excess Retained per Share	118,059.75	130,065.37	138,069.12
LTM Dividend per Share	10,000.23	10,000.23	10,000.23
(+) Excess Retained per Share	118,059.75	130,065.37	138,069.12
(=) Adjusted Dividend	128,059.98	140,065.61	148,069.35
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	4.95%	5.95%	6.95%
Fair Value	$7,530,028.37	$18,907,520.15	$31,672,972.43
Upside / Downside	1,860.94%	4,823.83%	8,148.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,177,191.38	1,247,271.54	1,321,523.69	1,400,196.19	1,483,552.20	1,571,870.53	1,619,026.64
Payout Ratio	6.25%	23.00%	39.75%	56.50%	73.25%	90.00%	92.50%
Projected Dividends (M)	73,541.71	286,844.69	525,283.61	791,095.27	1,086,693.73	1,414,683.47	1,497,599.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	4.95%	5.95%	6.95%
Year 1 PV (M)	266,200.66	268,737.03	271,273.41
Year 2 PV (M)	452,395.68	461,057.66	469,801.77
Year 3 PV (M)	632,289.09	650,535.30	669,129.21
Year 4 PV (M)	806,039.57	837,201.39	869,258.14
Year 5 PV (M)	973,802.27	1,021,087.02	1,070,190.98
PV of Terminal Value (M)	27,577,885.83	28,916,980.47	30,307,594.94
Equity Value (M)	30,708,613.10	32,155,598.88	33,657,248.46
Shares Outstanding (M)	7.35	7.35	7.35
Fair Value	$4,175,770.07	$4,372,531.80	$4,576,726.74
Upside / Downside	987.44%	1,038.68%	1,091.86%

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KCC Corporation (002380.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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