DDM Analysis: 030610.KS

Valuation Snapshot

Stable Growth	$30,744.18 - $118,615.88	$52,015.47
Multi-Stage	$36,661.65 - $40,287.55	$38,440.12
Blended Fair Value	$45,227.80
Current Price	$9,150.00
Upside	394.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-19.68%	0.00%	36.15	28.93	114.12	190.57	123.66	108.18	92.73	52.23	46.09	30.73
YoY Growth	-	-	24.99%	-74.65%	-40.12%	54.11%	14.30%	16.67%	77.52%	13.33%	50.00%	0.00%
Dividend Yield	-	-	0.62%	0.57%	2.25%	2.49%	1.57%	1.83%	0.97%	0.53%	0.49%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121,581.83
(-) Cash Dividends Paid (M)	8,159.39
(=) Cash Retained (M)	113,422.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24,316.37	15,197.73	9,118.64
Cash Retained (M)	113,422.44	113,422.44	113,422.44
(-) Cash Required (M)	-24,316.37	-15,197.73	-9,118.64
(=) Excess Retained (M)	89,106.08	98,224.71	104,303.80
(/) Shares Outstanding (M)	112.88	112.88	112.88
(=) Excess Retained per Share	789.36	870.13	923.99
LTM Dividend per Share	72.28	72.28	72.28
(+) Excess Retained per Share	789.36	870.13	923.99
(=) Adjusted Dividend	861.64	942.42	996.27
WACC / Discount Rate	5.64%	5.64%	5.64%
Growth Rate	2.76%	3.76%	4.76%
Fair Value	$30,744.18	$52,015.47	$118,615.88
Upside / Downside	236.00%	468.48%	1,196.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121,581.83	126,149.39	130,888.54	135,805.73	140,907.65	146,201.23	150,587.27
Payout Ratio	6.71%	23.37%	40.03%	56.68%	73.34%	90.00%	92.50%
Projected Dividends (M)	8,159.39	29,479.63	52,390.25	76,980.68	103,344.77	131,581.11	139,293.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.64%	5.64%	5.64%
Growth Rate	2.76%	3.76%	4.76%
Year 1 PV (M)	27,637.67	27,906.63	28,175.59
Year 2 PV (M)	46,047.85	46,948.46	47,857.79
Year 3 PV (M)	63,433.69	65,303.73	67,210.16
Year 4 PV (M)	79,837.37	82,990.85	86,236.84
Year 5 PV (M)	95,299.51	100,027.78	104,941.90
PV of Terminal Value (M)	3,826,275.97	4,016,116.33	4,213,418.15
Equity Value (M)	4,138,532.05	4,339,293.78	4,547,840.44
Shares Outstanding (M)	112.88	112.88	112.88
Fair Value	$36,661.65	$38,440.12	$40,287.55
Upside / Downside	300.67%	320.11%	340.30%

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Kyobo Securities Co ., Ltd (030610.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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