DDM Analysis: 004080.KS

Valuation Snapshot

Stable Growth	$19,317.41 - $97,562.65	$39,982.93
Multi-Stage	$10,862.89 - $11,866.53	$11,355.60
Blended Fair Value	$25,669.26
Current Price	$13,900.00
Upside	84.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.86%	8.12%	267.96	262.32	241.68	204.34	123.22	122.95	123.50	123.87	123.30	123.77
YoY Growth	-	-	2.15%	8.54%	18.27%	65.84%	0.22%	-0.45%	-0.30%	0.47%	-0.38%	0.79%
Dividend Yield	-	-	1.82%	1.82%	1.65%	1.22%	1.03%	1.34%	1.24%	1.11%	1.13%	1.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,573.26
(-) Cash Dividends Paid (M)	2,568.01
(=) Cash Retained (M)	2,005.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	914.65	571.66	342.99
Cash Retained (M)	2,005.26	2,005.26	2,005.26
(-) Cash Required (M)	-914.65	-571.66	-342.99
(=) Excess Retained (M)	1,090.61	1,433.60	1,662.26
(/) Shares Outstanding (M)	9.32	9.32	9.32
(=) Excess Retained per Share	116.99	153.78	178.31
LTM Dividend per Share	275.47	275.47	275.47
(+) Excess Retained per Share	116.99	153.78	178.31
(=) Adjusted Dividend	392.46	429.25	453.78
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19,317.41	$39,982.93	$97,562.65
Upside / Downside	38.97%	187.65%	601.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,573.26	4,870.53	5,187.11	5,524.27	5,883.35	6,265.77	6,453.74
Payout Ratio	56.15%	62.92%	69.69%	76.46%	83.23%	90.00%	92.50%
Projected Dividends (M)	2,568.01	3,064.64	3,614.98	4,223.92	4,896.74	5,639.19	5,969.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,820.29	2,847.03	2,873.76
Year 2 PV (M)	3,061.52	3,119.83	3,178.69
Year 3 PV (M)	3,292.02	3,386.52	3,482.81
Year 4 PV (M)	3,512.12	3,647.19	3,786.11
Year 5 PV (M)	3,722.16	3,901.94	4,088.60
PV of Terminal Value (M)	84,859.00	88,957.72	93,213.31
Equity Value (M)	101,267.11	105,860.23	110,623.29
Shares Outstanding (M)	9.32	9.32	9.32
Fair Value	$10,862.89	$11,355.60	$11,866.53
Upside / Downside	-21.85%	-18.31%	-14.63%

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Shinhung Co., Ltd (004080.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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