DDM Analysis: 178920.KS

Valuation Snapshot

Stable Growth	$12,556.62 - $21,977.56	$16,574.09
Multi-Stage	$22,193.52 - $24,391.47	$23,271.33
Blended Fair Value	$19,922.71
Current Price	$16,500.00
Upside	20.74%
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%	0.00	778.96	1,089.95	710.97	314.98	829.96	799.96	449.98	109.99	0.00
YoY Growth	-	-	-100.00%	-28.53%	53.31%	125.71%	-62.05%	3.75%	77.78%	309.09%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	3.39%	2.90%	1.54%	0.69%	3.17%	2.61%	0.99%	0.72%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,159.54
(-) Cash Dividends Paid (M)	10,278.21
(=) Cash Retained (M)	17,881.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,631.91	3,519.94	2,111.97
Cash Retained (M)	17,881.33	17,881.33	17,881.33
(-) Cash Required (M)	-5,631.91	-3,519.94	-2,111.97
(=) Excess Retained (M)	12,249.42	14,361.38	15,769.36
(/) Shares Outstanding (M)	29.37	29.37	29.37
(=) Excess Retained per Share	417.10	489.02	536.96
LTM Dividend per Share	349.98	349.98	349.98
(+) Excess Retained per Share	417.10	489.02	536.96
(=) Adjusted Dividend	767.09	839.00	886.94
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.36%	1.36%	2.36%
Fair Value	$12,556.62	$16,574.09	$21,977.56
Upside / Downside	-23.90%	0.45%	33.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,159.54	28,541.20	28,928.04	29,320.12	29,717.51	30,120.29	31,023.90
Payout Ratio	36.50%	47.20%	57.90%	68.60%	79.30%	90.00%	92.50%
Projected Dividends (M)	10,278.21	13,471.43	16,749.32	20,113.59	23,565.98	27,108.26	28,697.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.36%	1.36%	2.36%
Year 1 PV (M)	12,526.07	12,650.88	12,775.70
Year 2 PV (M)	14,481.02	14,771.05	15,063.96
Year 3 PV (M)	16,169.35	16,657.54	17,155.47
Year 4 PV (M)	17,615.27	18,327.95	19,062.04
Year 5 PV (M)	18,841.10	19,798.72	20,794.88
PV of Terminal Value (M)	572,140.97	601,220.51	631,470.60
Equity Value (M)	651,773.78	683,426.65	716,322.64
Shares Outstanding (M)	29.37	29.37	29.37
Fair Value	$22,193.52	$23,271.33	$24,391.47
Upside / Downside	34.51%	41.04%	47.83%

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PI Advanced Materials Co., Ltd. (178920.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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