DDM Analysis: 009540.KS

Valuation Snapshot

Stable Growth	$209,770.24 - $323,194.65	$262,520.89
Multi-Stage	$460,712.82 - $507,558.53	$483,673.62
Blended Fair Value	$373,097.26
Current Price	$366,000.00
Upside	1.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-37.66%	14.09	42.31	38.31	51.14	125.48	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-66.69%	10.44%	-25.08%	-59.24%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.01%	0.04%	0.05%	0.06%	0.09%	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)	1,684,653.36
(-) Cash Dividends Paid (M)	433,974.82
(=) Cash Retained (M)	1,250,678.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	336,930.67	210,581.67	126,349.00
Cash Retained (M)	1,250,678.55	1,250,678.55	1,250,678.55
(-) Cash Required (M)	-336,930.67	-210,581.67	-126,349.00
(=) Excess Retained (M)	913,747.87	1,040,096.87	1,124,329.54
(/) Shares Outstanding (M)	73.73	73.73	73.73
(=) Excess Retained per Share	12,392.36	14,105.93	15,248.30
LTM Dividend per Share	5,885.62	5,885.62	5,885.62
(+) Excess Retained per Share	12,392.36	14,105.93	15,248.30
(=) Adjusted Dividend	18,277.99	19,991.55	21,133.92
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$209,770.24	$262,520.89	$323,194.65
Upside / Downside	-42.69%	-28.27%	-11.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,684,653.36	1,667,806.83	1,651,128.76	1,634,617.47	1,618,271.30	1,602,088.58	1,650,151.24
Payout Ratio	25.76%	38.61%	51.46%	64.30%	77.15%	90.00%	92.50%
Projected Dividends (M)	433,974.82	643,913.28	849,609.58	1,051,127.57	1,248,530.23	1,441,879.73	1,526,389.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	598,286.73	604,391.69	610,496.66
Year 2 PV (M)	733,471.71	748,516.90	763,714.82
Year 3 PV (M)	843,143.27	869,218.05	895,824.94
Year 4 PV (M)	930,522.76	969,088.58	1,008,840.93
Year 5 PV (M)	998,479.05	1,050,472.17	1,104,609.00
PV of Terminal Value (M)	29,866,641.07	31,421,866.36	33,041,214.64
Equity Value (M)	33,970,544.58	35,663,553.74	37,424,701.00
Shares Outstanding (M)	73.73	73.73	73.73
Fair Value	$460,712.82	$483,673.62	$507,558.53
Upside / Downside	25.88%	32.15%	38.68%

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Korea Shipbuilding & Offshore Engineering Co., Ltd. (009540.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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