DDM Analysis: 024110.KS

Valuation Snapshot

Stable Growth	$183,655.91 - $662,740.45	$584,338.26
Multi-Stage	$84,179.69 - $92,091.45	$88,063.12
Blended Fair Value	$336,200.69
Current Price	$19,460.00
Upside	1,627.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.91%	11.95%	968.78	1,125.39	929.29	613.98	610.43	632.19	612.48	473.63	456.02	425.26
YoY Growth	-	-	-13.92%	21.10%	51.36%	0.58%	-3.44%	3.22%	29.32%	3.86%	7.23%	35.73%
Dividend Yield	-	-	6.81%	8.46%	9.20%	5.66%	6.66%	8.43%	4.27%	3.09%	3.74%	3.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,702,818.00
(-) Cash Dividends Paid (M)	986,410.00
(=) Cash Retained (M)	1,716,408.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	540,563.60	337,852.25	202,711.35
Cash Retained (M)	1,716,408.00	1,716,408.00	1,716,408.00
(-) Cash Required (M)	-540,563.60	-337,852.25	-202,711.35
(=) Excess Retained (M)	1,175,844.40	1,378,555.75	1,513,696.65
(/) Shares Outstanding (M)	811.06	811.06	811.06
(=) Excess Retained per Share	1,449.76	1,699.69	1,866.32
LTM Dividend per Share	1,216.20	1,216.20	1,216.20
(+) Excess Retained per Share	1,449.76	1,699.69	1,866.32
(=) Adjusted Dividend	2,665.96	2,915.89	3,082.51
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$183,655.91	$584,338.26	$662,740.45
Upside / Downside	843.76%	2,902.77%	3,305.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,702,818.00	2,878,501.17	3,065,603.75	3,264,867.99	3,477,084.41	3,703,094.90	3,814,187.74
Payout Ratio	36.50%	47.20%	57.90%	68.60%	79.30%	90.00%	92.50%
Projected Dividends (M)	986,410.00	1,358,551.53	1,774,903.88	2,239,642.15	2,757,297.43	3,332,785.41	3,528,123.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,257,383.01	1,269,301.33	1,281,219.65
Year 2 PV (M)	1,520,399.72	1,549,359.07	1,578,591.61
Year 3 PV (M)	1,775,632.34	1,826,604.37	1,878,542.66
Year 4 PV (M)	2,023,249.78	2,101,058.26	2,181,089.67
Year 5 PV (M)	2,263,417.70	2,372,741.63	2,486,249.63
PV of Terminal Value (M)	59,434,777.63	62,305,499.62	65,286,090.89
Equity Value (M)	68,274,860.19	71,424,564.27	74,691,784.11
Shares Outstanding (M)	811.06	811.06	811.06
Fair Value	$84,179.69	$88,063.12	$92,091.45
Upside / Downside	332.58%	352.53%	373.23%

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Industrial Bank of Korea (024110.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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