DDM Analysis: 039490.KS

Valuation Snapshot

Stable Growth	$2,298,572.50 - $7,438,095.30	$6,970,584.60
Multi-Stage	$973,491.57 - $1,065,812.48	$1,018,803.28
Blended Fair Value	$3,994,693.94
Current Price	$245,000.00
Upside	1,530.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.03%	27.16%	3,252.46	3,296.24	3,900.26	2,852.69	2,134.15	1,763.13	1,060.65	715.61	571.12	236.70
YoY Growth	-	-	-1.33%	-15.49%	36.72%	33.67%	21.04%	66.23%	48.22%	25.30%	141.28%	-19.54%
Dividend Yield	-	-	2.56%	2.75%	3.86%	2.89%	1.69%	2.52%	1.23%	0.66%	0.70%	0.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,013,067.64
(-) Cash Dividends Paid (M)	205,678.63
(=) Cash Retained (M)	807,389.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	202,613.53	126,633.46	75,980.07
Cash Retained (M)	807,389.01	807,389.01	807,389.01
(-) Cash Required (M)	-202,613.53	-126,633.46	-75,980.07
(=) Excess Retained (M)	604,775.49	680,755.56	731,408.94
(/) Shares Outstanding (M)	27.09	27.09	27.09
(=) Excess Retained per Share	22,327.36	25,132.42	27,002.46
LTM Dividend per Share	7,593.33	7,593.33	7,593.33
(+) Excess Retained per Share	22,327.36	25,132.42	27,002.46
(=) Adjusted Dividend	29,920.69	32,725.75	34,595.79
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,298,572.50	$6,970,584.60	$7,438,095.30
Upside / Downside	838.19%	2,745.14%	2,935.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,013,067.64	1,078,917.04	1,149,046.65	1,223,734.68	1,303,277.44	1,387,990.47	1,429,630.18
Payout Ratio	20.30%	34.24%	48.18%	62.12%	76.06%	90.00%	92.50%
Projected Dividends (M)	205,678.63	369,443.26	553,628.30	760,196.50	991,279.48	1,249,191.42	1,322,407.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	342,437.55	345,683.40	348,929.25
Year 2 PV (M)	475,647.85	484,707.60	493,852.83
Year 3 PV (M)	605,378.16	622,756.39	640,464.06
Year 4 PV (M)	731,695.91	759,834.87	788,777.74
Year 5 PV (M)	854,667.39	895,948.14	938,808.81
PV of Terminal Value (M)	23,358,896.02	24,487,139.44	25,658,563.38
Equity Value (M)	26,368,722.87	27,596,069.84	28,869,396.06
Shares Outstanding (M)	27.09	27.09	27.09
Fair Value	$973,491.57	$1,018,803.28	$1,065,812.48
Upside / Downside	297.34%	315.84%	335.03%

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Kiwoom Securities Co., Ltd. (039490.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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