DDM Analysis: 001515.KS

Valuation Snapshot

Stable Growth	$56.05 - $78.88	$67.38
Multi-Stage	$80.37 - $88.28	$84.25
Blended Fair Value	$75.81
Current Price	$2,710.00
Upside	-97.20%
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	-28.79%	0.00%	2.07	5.09	15.27	10.59	11.28	11.28	0.00	0.00	0.00	0.00
YoY Growth	-	-	-59.44%	-66.67%	44.17%	-6.08%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.13%	0.23%	0.56%	0.28%	0.23%	0.57%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,663.84
(-) Cash Dividends Paid (M)	437.37
(=) Cash Retained (M)	3,226.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	732.77	457.98	274.79
Cash Retained (M)	3,226.47	3,226.47	3,226.47
(-) Cash Required (M)	-732.77	-457.98	-274.79
(=) Excess Retained (M)	2,493.70	2,768.49	2,951.68
(/) Shares Outstanding (M)	414.15	414.15	414.15
(=) Excess Retained per Share	6.02	6.68	7.13
LTM Dividend per Share	1.06	1.06	1.06
(+) Excess Retained per Share	6.02	6.68	7.13
(=) Adjusted Dividend	7.08	7.74	8.18
WACC / Discount Rate	10.37%	10.37%	10.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$56.05	$67.38	$78.88
Upside / Downside	-97.93%	-97.51%	-97.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,663.84	3,627.20	3,590.93	3,555.02	3,519.47	3,484.28	3,588.81
Payout Ratio	11.94%	27.55%	43.16%	58.78%	74.39%	90.00%	92.50%
Projected Dividends (M)	437.37	999.30	1,549.94	2,089.47	2,618.05	3,135.85	3,319.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.37%	10.37%	10.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	896.23	905.37	914.52
Year 2 PV (M)	1,246.70	1,272.27	1,298.10
Year 3 PV (M)	1,507.32	1,553.93	1,601.50
Year 4 PV (M)	1,693.83	1,764.03	1,836.40
Year 5 PV (M)	1,819.58	1,914.33	2,012.99
PV of Terminal Value (M)	26,121.10	27,481.29	28,897.56
Equity Value (M)	33,284.76	34,891.23	36,561.05
Shares Outstanding (M)	414.15	414.15	414.15
Fair Value	$80.37	$84.25	$88.28
Upside / Downside	-97.03%	-96.89%	-96.74%

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SK Securities Co., Ltd. (001515.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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