DDM Analysis: 055490.KS

Valuation Snapshot

Stable Growth	$3,582.20 - $5,529.72	$4,486.74
Multi-Stage	$8,112.10 - $8,926.96	$8,511.53
Blended Fair Value	$6,499.13
Current Price	$13,740.00
Upside	-52.70%
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%	299.30	889.04	691.47	493.91	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-66.33%	28.57%	40.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.36%	3.58%	1.13%	0.60%	0.00%	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)	1,851.73
(-) Cash Dividends Paid (M)	953.93
(=) Cash Retained (M)	897.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	370.35	231.47	138.88
Cash Retained (M)	897.80	897.80	897.80
(-) Cash Required (M)	-370.35	-231.47	-138.88
(=) Excess Retained (M)	527.45	666.33	758.92
(/) Shares Outstanding (M)	4.78	4.78	4.78
(=) Excess Retained per Share	110.44	139.52	158.91
LTM Dividend per Share	199.74	199.74	199.74
(+) Excess Retained per Share	110.44	139.52	158.91
(=) Adjusted Dividend	310.18	339.26	358.65
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3,582.20	$4,486.74	$5,529.72
Upside / Downside	-73.93%	-67.35%	-59.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,851.73	1,833.21	1,814.88	1,796.73	1,778.76	1,760.98	1,813.81
Payout Ratio	51.52%	59.21%	66.91%	74.61%	82.30%	90.00%	92.50%
Projected Dividends (M)	953.93	1,085.49	1,214.33	1,340.47	1,463.98	1,584.88	1,677.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,009.08	1,019.38	1,029.67
Year 2 PV (M)	1,049.38	1,070.91	1,092.65
Year 3 PV (M)	1,076.85	1,110.15	1,144.13
Year 4 PV (M)	1,093.28	1,138.59	1,185.29
Year 5 PV (M)	1,100.25	1,157.54	1,217.20
PV of Terminal Value (M)	33,413.10	35,153.00	36,964.64
Equity Value (M)	38,741.94	40,649.56	42,633.58
Shares Outstanding (M)	4.78	4.78	4.78
Fair Value	$8,112.10	$8,511.53	$8,926.96
Upside / Downside	-40.96%	-38.05%	-35.03%

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Tapex Co., Ltd. (055490.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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