DDM Analysis: 002710.KS

Valuation Snapshot

Stable Growth	$2,455.83 - $7,464.38	$3,908.41
Multi-Stage	$2,189.33 - $2,397.89	$2,291.68
Blended Fair Value	$3,100.04
Current Price	$15,840.00
Upside	-80.43%
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	4.68%	9.92%	27.19	40.59	44.36	6.25	10.02	21.64	0.00	0.00	0.00	11.19
YoY Growth	-	-	-33.00%	-8.50%	609.61%	-37.59%	-53.71%	0.00%	0.00%	0.00%	-100.00%	6.00%
Dividend Yield	-	-	0.13%	0.07%	0.19%	0.06%	0.22%	1.55%	0.00%	0.00%	0.00%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,613.64
(-) Cash Dividends Paid (M)	2,621.37
(=) Cash Retained (M)	4,992.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,522.73	951.70	571.02
Cash Retained (M)	4,992.27	4,992.27	4,992.27
(-) Cash Required (M)	-1,522.73	-951.70	-571.02
(=) Excess Retained (M)	3,469.54	4,040.56	4,421.25
(/) Shares Outstanding (M)	78.88	78.88	78.88
(=) Excess Retained per Share	43.98	51.22	56.05
LTM Dividend per Share	33.23	33.23	33.23
(+) Excess Retained per Share	43.98	51.22	56.05
(=) Adjusted Dividend	77.22	84.45	89.28
WACC / Discount Rate	7.16%	7.16%	7.16%
Growth Rate	3.89%	4.89%	5.89%
Fair Value	$2,455.83	$3,908.41	$7,464.38
Upside / Downside	-84.50%	-75.33%	-52.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,613.64	7,986.13	8,376.85	8,786.68	9,216.56	9,667.47	9,957.50
Payout Ratio	34.43%	45.54%	56.66%	67.77%	78.89%	90.00%	92.50%
Projected Dividends (M)	2,621.37	3,637.20	4,746.15	5,954.90	7,270.57	8,700.73	9,210.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.16%	7.16%	7.16%
Growth Rate	3.89%	4.89%	5.89%
Year 1 PV (M)	3,361.85	3,394.21	3,426.57
Year 2 PV (M)	4,054.75	4,133.18	4,212.36
Year 3 PV (M)	4,702.28	4,839.37	4,979.10
Year 4 PV (M)	5,306.56	5,513.84	5,727.13
Year 5 PV (M)	5,869.63	6,157.61	6,456.78
PV of Terminal Value (M)	149,402.59	156,732.60	164,347.53
Equity Value (M)	172,697.66	180,770.81	189,149.47
Shares Outstanding (M)	78.88	78.88	78.88
Fair Value	$2,189.33	$2,291.68	$2,397.89
Upside / Downside	-86.18%	-85.53%	-84.86%

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Financial Statements

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Sector

TCC Steel Corp. (002710.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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