DDM Analysis: 004140.KS

Valuation Snapshot

Stable Growth	$5,789.67 - $14,555.91	$8,705.66
Multi-Stage	$4,527.44 - $4,957.38	$4,738.45
Blended Fair Value	$6,722.05
Current Price	$2,795.00
Upside	140.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.30%	-3.99%	20.03	0.00	0.00	0.00	1.80	6.23	12.83	9.26	8.38	12.76
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-71.19%	-51.43%	38.47%	10.57%	-34.35%	-57.58%
Dividend Yield	-	-	0.96%	0.00%	0.00%	0.00%	0.03%	0.37%	0.73%	0.58%	0.44%	0.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,430.75
(-) Cash Dividends Paid (M)	955.90
(=) Cash Retained (M)	11,474.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,486.15	1,553.84	932.31
Cash Retained (M)	11,474.85	11,474.85	11,474.85
(-) Cash Required (M)	-2,486.15	-1,553.84	-932.31
(=) Excess Retained (M)	8,988.70	9,921.01	10,542.55
(/) Shares Outstanding (M)	47.73	47.73	47.73
(=) Excess Retained per Share	188.32	207.85	220.87
LTM Dividend per Share	20.03	20.03	20.03
(+) Excess Retained per Share	188.32	207.85	220.87
(=) Adjusted Dividend	208.35	227.88	240.90
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	4.61%	5.61%	6.61%
Fair Value	$5,789.67	$8,705.66	$14,555.91
Upside / Downside	107.14%	211.47%	420.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,430.75	13,127.60	13,863.52	14,640.69	15,461.42	16,328.17	16,818.01
Payout Ratio	7.69%	24.15%	40.61%	57.08%	73.54%	90.00%	92.50%
Projected Dividends (M)	955.90	3,170.55	5,630.51	8,356.30	11,370.01	14,695.35	15,556.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	4.61%	5.61%	6.61%
Year 1 PV (M)	2,897.97	2,925.67	2,953.37
Year 2 PV (M)	4,703.96	4,794.33	4,885.56
Year 3 PV (M)	6,381.00	6,565.76	6,754.05
Year 4 PV (M)	7,935.85	8,243.69	8,560.40
Year 5 PV (M)	9,374.99	9,831.75	10,306.14
PV of Terminal Value (M)	184,806.82	193,810.82	203,162.39
Equity Value (M)	216,100.60	226,172.02	236,621.91
Shares Outstanding (M)	47.73	47.73	47.73
Fair Value	$4,527.44	$4,738.45	$4,957.38
Upside / Downside	61.98%	69.53%	77.37%

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Dongbang Transport Logistics Co., Ltd. (004140.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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