DDM Analysis: 003650.KS

Valuation Snapshot

Stable Growth	$1,084,875.89 - $6,147,902.78	$1,983,506.34
Multi-Stage	$891,242.33 - $977,716.01	$933,669.46
Blended Fair Value	$1,458,587.90
Current Price	$106,500.00
Upside	1,269.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.80%	2.61%	2,799.96	2,499.97	2,499.97	2,099.97	2,024.76	1,676.89	1,864.42	2,506.04	2,392.13	2,050.40
YoY Growth	-	-	12.00%	0.00%	19.05%	3.71%	20.75%	-10.06%	-25.60%	4.76%	16.67%	-5.26%
Dividend Yield	-	-	2.80%	3.19%	3.79%	2.57%	2.72%	3.35%	2.37%	3.07%	2.80%	2.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49,847.22
(-) Cash Dividends Paid (M)	4,538.94
(=) Cash Retained (M)	45,308.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,969.44	6,230.90	3,738.54
Cash Retained (M)	45,308.28	45,308.28	45,308.28
(-) Cash Required (M)	-9,969.44	-6,230.90	-3,738.54
(=) Excess Retained (M)	35,338.84	39,077.38	41,569.74
(/) Shares Outstanding (M)	1.51	1.51	1.51
(=) Excess Retained per Share	23,356.80	25,827.74	27,475.04
LTM Dividend per Share	2,999.96	2,999.96	2,999.96
(+) Excess Retained per Share	23,356.80	25,827.74	27,475.04
(=) Adjusted Dividend	26,356.76	28,827.70	30,475.00
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	3.94%	4.94%	5.94%
Fair Value	$1,084,875.89	$1,983,506.34	$6,147,902.78
Upside / Downside	918.66%	1,762.45%	5,672.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49,847.22	52,308.34	54,890.99	57,601.14	60,445.11	63,429.49	65,332.38
Payout Ratio	9.11%	25.28%	41.46%	57.64%	73.82%	90.00%	92.50%
Projected Dividends (M)	4,538.94	13,225.93	22,759.68	33,202.61	44,621.27	57,086.54	60,432.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	3.94%	4.94%	5.94%
Year 1 PV (M)	12,304.71	12,423.10	12,541.48
Year 2 PV (M)	19,699.54	20,080.43	20,464.97
Year 3 PV (M)	26,736.67	27,515.83	28,309.99
Year 4 PV (M)	33,428.89	34,734.07	36,077.11
Year 5 PV (M)	39,788.61	41,739.86	43,766.93
PV of Terminal Value (M)	1,216,491.23	1,276,148.60	1,338,123.85
Equity Value (M)	1,348,449.65	1,412,641.89	1,479,284.33
Shares Outstanding (M)	1.51	1.51	1.51
Fair Value	$891,242.33	$933,669.46	$977,716.01
Upside / Downside	736.85%	776.68%	818.04%

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Michang Oil Ind .Co.,Ltd. (003650.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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