DDM Analysis: 003220.KS

Valuation Snapshot

Stable Growth	$30,879.73 - $75,147.37	$70,424.09
Multi-Stage	$11,274.30 - $12,322.37	$11,788.78
Blended Fair Value	$41,106.43
Current Price	$13,240.00
Upside	210.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.40%	18.57%	294.29	339.69	190.68	145.32	233.01	226.25	215.50	209.24	157.51	112.51
YoY Growth	-	-	-13.36%	78.14%	31.22%	-37.63%	2.99%	4.99%	2.99%	32.84%	39.99%	109.99%
Dividend Yield	-	-	2.18%	2.26%	1.33%	0.81%	1.50%	1.72%	1.45%	1.17%	0.93%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,164.47
(-) Cash Dividends Paid (M)	6,430.03
(=) Cash Retained (M)	1,734.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,632.89	1,020.56	612.34
Cash Retained (M)	1,734.44	1,734.44	1,734.44
(-) Cash Required (M)	-1,632.89	-1,020.56	-612.34
(=) Excess Retained (M)	101.54	713.88	1,122.10
(/) Shares Outstanding (M)	21.61	21.61	21.61
(=) Excess Retained per Share	4.70	33.04	51.93
LTM Dividend per Share	297.59	297.59	297.59
(+) Excess Retained per Share	4.70	33.04	51.93
(=) Adjusted Dividend	302.29	330.63	349.52
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30,879.73	$70,424.09	$75,147.37
Upside / Downside	133.23%	431.90%	467.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,164.47	8,695.16	9,260.35	9,862.27	10,503.32	11,186.03	11,521.61
Payout Ratio	78.76%	81.01%	83.25%	85.50%	87.75%	90.00%	92.50%
Projected Dividends (M)	6,430.03	7,043.52	7,709.59	8,432.49	9,216.79	10,067.43	10,657.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,549.52	6,611.60	6,673.68
Year 2 PV (M)	6,666.08	6,793.05	6,921.22
Year 3 PV (M)	6,779.76	6,974.39	7,172.70
Year 4 PV (M)	6,890.62	7,155.62	7,428.18
Year 5 PV (M)	6,998.69	7,336.73	7,687.71
PV of Terminal Value (M)	209,719.21	219,848.73	230,365.93
Equity Value (M)	243,603.88	254,720.11	266,249.40
Shares Outstanding (M)	21.61	21.61	21.61
Fair Value	$11,274.30	$11,788.78	$12,322.37
Upside / Downside	-14.85%	-10.96%	-6.93%

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Daewon Pharmaceutical Co., Ltd. (003220.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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