DDM Analysis: 100120.KQ

Valuation Snapshot

Stable Growth	$87,925.84 - $444,062.43	$181,990.42
Multi-Stage	$48,194.48 - $52,715.08	$50,413.46
Blended Fair Value	$116,201.94
Current Price	$19,780.00
Upside	487.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.68%	12.38%	352.21	704.42	754.74	466.00	432.04	324.03	217.82	218.71	109.48	109.62
YoY Growth	-	-	-50.00%	-6.67%	61.96%	7.86%	33.33%	48.76%	-0.40%	99.78%	-0.13%	0.00%
Dividend Yield	-	-	1.52%	2.43%	2.50%	1.13%	1.20%	1.06%	0.62%	0.56%	0.17%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,373.28
(-) Cash Dividends Paid (M)	5,509.15
(=) Cash Retained (M)	14,864.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,074.66	2,546.66	1,528.00
Cash Retained (M)	14,864.14	14,864.14	14,864.14
(-) Cash Required (M)	-4,074.66	-2,546.66	-1,528.00
(=) Excess Retained (M)	10,789.48	12,317.48	13,336.14
(/) Shares Outstanding (M)	9.12	9.12	9.12
(=) Excess Retained per Share	1,182.51	1,349.97	1,461.61
LTM Dividend per Share	603.79	603.79	603.79
(+) Excess Retained per Share	1,182.51	1,349.97	1,461.61
(=) Adjusted Dividend	1,786.30	1,953.76	2,065.41
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$87,925.84	$181,990.42	$444,062.43
Upside / Downside	344.52%	820.07%	2,145.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,373.28	21,697.55	23,107.89	24,609.90	26,209.54	27,913.16	28,750.56
Payout Ratio	27.04%	39.63%	52.22%	64.82%	77.41%	90.00%	92.50%
Projected Dividends (M)	5,509.15	8,599.35	12,068.01	15,951.25	20,288.34	25,121.85	26,594.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,913.73	7,988.75	8,063.76
Year 2 PV (M)	10,220.38	10,415.05	10,611.55
Year 3 PV (M)	12,432.03	12,788.91	13,152.55
Year 4 PV (M)	14,551.55	15,111.16	15,686.76
Year 5 PV (M)	16,581.74	17,382.65	18,214.20
PV of Terminal Value (M)	378,039.07	396,298.50	415,256.76
Equity Value (M)	439,738.51	459,985.01	480,985.59
Shares Outstanding (M)	9.12	9.12	9.12
Fair Value	$48,194.48	$50,413.46	$52,715.08
Upside / Downside	143.65%	154.87%	166.51%

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Vieworks Co., Ltd. (100120.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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