DDM Analysis: 375500.KS

Valuation Snapshot

Stable Growth	$12,879.93 - $18,593.72	$15,662.02
Multi-Stage	$20,782.43 - $22,849.81	$21,795.99
Blended Fair Value	$18,729.01
Current Price	$12,510.00
Upside	49.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	0.00%	0.00	774.01	777.93	260.55	162.84	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-0.50%	198.57%	60.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	5.79%	2.66%	0.75%	1.10%	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)	41,905.68
(-) Cash Dividends Paid (M)	7,012.66
(=) Cash Retained (M)	34,893.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,381.14	5,238.21	3,142.93
Cash Retained (M)	34,893.02	34,893.02	34,893.02
(-) Cash Required (M)	-8,381.14	-5,238.21	-3,142.93
(=) Excess Retained (M)	26,511.88	29,654.81	31,750.09
(/) Shares Outstanding (M)	23.30	23.30	23.30
(=) Excess Retained per Share	1,137.67	1,272.54	1,362.45
LTM Dividend per Share	300.93	300.93	300.93
(+) Excess Retained per Share	1,137.67	1,272.54	1,362.45
(=) Adjusted Dividend	1,438.60	1,573.47	1,663.38
WACC / Discount Rate	8.95%	8.95%	8.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12,879.93	$15,662.02	$18,593.72
Upside / Downside	2.96%	25.20%	48.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41,905.68	41,486.62	41,071.76	40,661.04	40,254.43	39,851.88	41,047.44
Payout Ratio	16.73%	31.39%	46.04%	60.69%	75.35%	90.00%	92.50%
Projected Dividends (M)	7,012.66	13,021.62	18,909.70	24,678.71	30,330.45	35,866.70	37,968.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.95%	8.95%	8.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11,831.64	11,952.37	12,073.10
Year 2 PV (M)	15,611.49	15,931.72	16,255.20
Year 3 PV (M)	18,512.38	19,084.89	19,669.08
Year 4 PV (M)	20,672.77	21,529.56	22,412.71
Year 5 PV (M)	22,212.17	23,368.81	24,573.14
PV of Terminal Value (M)	395,465.37	416,058.17	437,500.02
Equity Value (M)	484,305.82	507,925.51	532,483.24
Shares Outstanding (M)	23.30	23.30	23.30
Fair Value	$20,782.43	$21,795.99	$22,849.81
Upside / Downside	66.13%	74.23%	82.65%

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DL E&C Co.,Ltd. (375500.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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