DDM Analysis: 012750.KS

Valuation Snapshot

Stable Growth	$110,233.89 - $277,215.29	$165,776.79
Multi-Stage	$122,558.92 - $134,288.97	$128,314.25
Blended Fair Value	$147,045.52
Current Price	$84,100.00
Upside	74.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.55%	9.40%	2,541.87	2,354.01	2,354.01	2,354.01	2,354.01	2,354.01	2,354.01	1,177.01	1,129.93	1,082.85
YoY Growth	-	-	7.98%	0.00%	0.00%	0.00%	0.00%	0.00%	100.00%	4.17%	4.35%	4.58%
Dividend Yield	-	-	3.95%	3.90%	4.26%	3.30%	2.88%	2.94%	2.36%	1.19%	1.26%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180,788.46
(-) Cash Dividends Paid (M)	91,311.41
(=) Cash Retained (M)	89,477.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36,157.69	22,598.56	13,559.13
Cash Retained (M)	89,477.05	89,477.05	89,477.05
(-) Cash Required (M)	-36,157.69	-22,598.56	-13,559.13
(=) Excess Retained (M)	53,319.36	66,878.50	75,917.92
(/) Shares Outstanding (M)	35.91	35.91	35.91
(=) Excess Retained per Share	1,484.93	1,862.55	2,114.29
LTM Dividend per Share	2,543.00	2,543.00	2,543.00
(+) Excess Retained per Share	1,484.93	1,862.55	2,114.29
(=) Adjusted Dividend	4,027.93	4,405.54	4,657.29
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	3.02%	4.02%	5.02%
Fair Value	$110,233.89	$165,776.79	$277,215.29
Upside / Downside	31.07%	97.12%	229.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180,788.46	188,059.01	195,621.96	203,489.06	211,672.53	220,185.12	226,790.67
Payout Ratio	50.51%	58.41%	66.30%	74.20%	82.10%	90.00%	92.50%
Projected Dividends (M)	91,311.41	109,837.48	129,705.95	150,994.84	173,786.25	198,166.61	209,781.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	3.02%	4.02%	5.02%
Year 1 PV (M)	101,868.78	102,857.59	103,846.40
Year 2 PV (M)	111,568.35	113,744.79	115,942.24
Year 3 PV (M)	120,457.48	123,999.37	127,610.03
Year 4 PV (M)	128,581.25	133,646.81	138,860.59
Year 5 PV (M)	135,982.57	142,711.66	149,704.54
PV of Terminal Value (M)	3,802,264.73	3,990,419.47	4,185,950.21
Equity Value (M)	4,400,723.17	4,607,379.69	4,821,914.01
Shares Outstanding (M)	35.91	35.91	35.91
Fair Value	$122,558.92	$128,314.25	$134,288.97
Upside / Downside	45.73%	52.57%	59.68%

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S-1 Corporation (012750.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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