DDM Analysis: 014820.KS

Valuation Snapshot

Stable Growth	$67,855.22 - $392,177.25	$126,533.96
Multi-Stage	$57,895.67 - $63,441.85	$60,617.07
Blended Fair Value	$93,575.51
Current Price	$27,000.00
Upside	246.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.11%	0.00%	619.49	601.16	600.34	527.16	439.64	439.38	439.38	208.70	208.80	208.45
YoY Growth	-	-	3.05%	0.14%	13.88%	19.91%	0.06%	0.00%	110.53%	-0.05%	0.17%	0.00%
Dividend Yield	-	-	1.90%	1.41%	1.40%	0.90%	0.91%	2.27%	1.27%	0.45%	0.34%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	58,593.24
(-) Cash Dividends Paid (M)	26,797.31
(=) Cash Retained (M)	31,795.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,718.65	7,324.16	4,394.49
Cash Retained (M)	31,795.94	31,795.94	31,795.94
(-) Cash Required (M)	-11,718.65	-7,324.16	-4,394.49
(=) Excess Retained (M)	20,077.29	24,471.78	27,401.44
(/) Shares Outstanding (M)	29.26	29.26	29.26
(=) Excess Retained per Share	686.14	836.33	936.45
LTM Dividend per Share	915.80	915.80	915.80
(+) Excess Retained per Share	686.14	836.33	936.45
(=) Adjusted Dividend	1,601.95	1,752.13	1,852.25
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	3.86%	4.86%	5.86%
Fair Value	$67,855.22	$126,533.96	$392,177.25
Upside / Downside	151.32%	368.64%	1,352.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	58,593.24	61,443.79	64,433.02	67,567.67	70,854.83	74,301.90	76,530.96
Payout Ratio	45.73%	54.59%	63.44%	72.29%	81.15%	90.00%	92.50%
Projected Dividends (M)	26,797.31	33,540.67	40,876.74	48,847.23	57,496.49	66,871.71	70,791.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	3.86%	4.86%	5.86%
Year 1 PV (M)	31,246.94	31,547.78	31,848.62
Year 2 PV (M)	35,477.07	36,163.50	36,856.50
Year 3 PV (M)	39,495.45	40,647.24	41,821.21
Year 4 PV (M)	43,309.60	45,001.76	46,743.03
Year 5 PV (M)	46,926.81	49,229.75	51,622.24
PV of Terminal Value (M)	1,497,629.34	1,571,126.02	1,647,480.29
Equity Value (M)	1,694,085.20	1,773,716.06	1,856,371.91
Shares Outstanding (M)	29.26	29.26	29.26
Fair Value	$57,895.67	$60,617.07	$63,441.85
Upside / Downside	114.43%	124.51%	134.97%

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Dongwon Systems Corporation (014820.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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