DDM Analysis: 002840.KS

Valuation Snapshot

Stable Growth	$1,611,660.96 - $1,898,809.68	$1,779,462.75
Multi-Stage	$3,528,431.20 - $3,874,014.18	$3,697,988.58
Blended Fair Value	$2,738,725.67
Current Price	$150,000.00
Upside	1,725.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.29%	0.00%	2,029.38	1,548.46	1,586.52	6,142.16	701.96	996.21	384.89	65.15	168.92	41.63
YoY Growth	-	-	31.06%	-2.40%	-74.17%	775.00%	-29.54%	158.83%	490.78%	-61.43%	305.80%	0.00%
Dividend Yield	-	-	1.09%	0.86%	0.93%	3.49%	0.37%	1.74%	0.72%	0.18%	0.46%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44,261.00
(-) Cash Dividends Paid (M)	9,280.29
(=) Cash Retained (M)	34,980.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,852.20	5,532.63	3,319.58
Cash Retained (M)	34,980.71	34,980.71	34,980.71
(-) Cash Required (M)	-8,852.20	-5,532.63	-3,319.58
(=) Excess Retained (M)	26,128.51	29,448.08	31,661.13
(/) Shares Outstanding (M)	4.64	4.64	4.64
(=) Excess Retained per Share	5,636.31	6,352.39	6,829.78
LTM Dividend per Share	2,001.90	2,001.90	2,001.90
(+) Excess Retained per Share	5,636.31	6,352.39	6,829.78
(=) Adjusted Dividend	7,638.20	8,354.29	8,831.67
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,611,660.96	$1,779,462.75	$1,898,809.68
Upside / Downside	974.44%	1,086.31%	1,165.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44,261.00	47,137.97	50,201.94	53,465.06	56,940.29	60,641.41	62,460.65
Payout Ratio	20.97%	34.77%	48.58%	62.39%	76.19%	90.00%	92.50%
Projected Dividends (M)	9,280.29	16,391.64	24,388.26	33,355.18	43,384.77	54,577.27	57,776.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	20,092.84	20,283.29	20,473.74
Year 2 PV (M)	36,645.30	37,343.29	38,047.86
Year 3 PV (M)	61,435.51	63,199.10	64,996.13
Year 4 PV (M)	97,951.73	101,718.68	105,593.24
Year 5 PV (M)	151,044.65	158,340.17	165,914.90
PV of Terminal Value (M)	15,989,754.91	16,762,066.05	17,563,935.36
Equity Value (M)	16,356,924.94	17,142,950.58	17,958,961.23
Shares Outstanding (M)	4.64	4.64	4.64
Fair Value	$3,528,431.20	$3,697,988.58	$3,874,014.18
Upside / Downside	2,252.29%	2,365.33%	2,482.68%

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Miwon Commercial Co., Ltd. (002840.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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