DDM Analysis: 013890.KS

Valuation Snapshot

Stable Growth	$15,869.00 - $23,275.80	$19,434.56
Multi-Stage	$27,046.42 - $29,783.60	$28,388.14
Blended Fair Value	$23,911.35
Current Price	$17,020.00
Upside	40.49%
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%	0.00%	86.77	464.67	392.01	338.93	480.25	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-81.33%	18.54%	15.66%	-29.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.44%	3.42%	1.68%	0.62%	0.81%	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)	43,305.05
(-) Cash Dividends Paid (M)	1,973.32
(=) Cash Retained (M)	41,331.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,661.01	5,413.13	3,247.88
Cash Retained (M)	41,331.73	41,331.73	41,331.73
(-) Cash Required (M)	-8,661.01	-5,413.13	-3,247.88
(=) Excess Retained (M)	32,670.72	35,918.60	38,083.85
(/) Shares Outstanding (M)	20.92	20.92	20.92
(=) Excess Retained per Share	1,561.38	1,716.60	1,820.08
LTM Dividend per Share	94.31	94.31	94.31
(+) Excess Retained per Share	1,561.38	1,716.60	1,820.08
(=) Adjusted Dividend	1,655.69	1,810.91	1,914.39
WACC / Discount Rate	8.22%	8.22%	8.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$15,869.00	$19,434.56	$23,275.80
Upside / Downside	-6.76%	14.19%	36.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,305.05	42,872.00	42,443.28	42,018.85	41,598.66	41,182.67	42,418.15
Payout Ratio	4.56%	21.65%	38.73%	55.82%	72.91%	90.00%	92.50%
Projected Dividends (M)	1,973.32	9,279.83	16,440.01	23,456.06	30,330.15	37,064.41	39,236.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.22%	8.22%	8.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8,487.98	8,574.59	8,661.20
Year 2 PV (M)	13,754.04	14,036.17	14,321.16
Year 3 PV (M)	17,949.29	18,504.39	19,070.81
Year 4 PV (M)	21,229.06	22,108.91	23,015.82
Year 5 PV (M)	23,728.89	24,964.50	26,251.07
PV of Terminal Value (M)	480,776.80	505,811.96	531,879.34
Equity Value (M)	565,926.05	594,000.51	623,199.39
Shares Outstanding (M)	20.92	20.92	20.92
Fair Value	$27,046.42	$28,388.14	$29,783.60
Upside / Downside	58.91%	66.79%	74.99%

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Zinus, Inc (013890.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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