DDM Analysis: 004430.KS

Valuation Snapshot

Stable Growth	$25,840.01 - $100,489.45	$43,797.37
Multi-Stage	$24,081.83 - $26,400.52	$25,219.50
Blended Fair Value	$34,508.43
Current Price	$9,860.00
Upside	249.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.34%	13.58%	250.44	500.87	200.35	120.21	150.26	160.28	140.24	140.24	70.12	60.10
YoY Growth	-	-	-50.00%	150.00%	66.67%	-20.00%	-6.25%	14.29%	0.00%	100.00%	16.67%	-14.29%
Dividend Yield	-	-	2.12%	3.54%	1.07%	0.53%	0.74%	1.75%	0.75%	0.46%	0.37%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21,432.00
(-) Cash Dividends Paid (M)	7,200.00
(=) Cash Retained (M)	14,232.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,286.40	2,679.00	1,607.40
Cash Retained (M)	14,232.00	14,232.00	14,232.00
(-) Cash Required (M)	-4,286.40	-2,679.00	-1,607.40
(=) Excess Retained (M)	9,945.60	11,553.00	12,624.60
(/) Shares Outstanding (M)	23.96	23.96	23.96
(=) Excess Retained per Share	415.12	482.21	526.94
LTM Dividend per Share	300.52	300.52	300.52
(+) Excess Retained per Share	415.12	482.21	526.94
(=) Adjusted Dividend	715.64	782.74	827.46
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.62%	4.62%	5.62%
Fair Value	$25,840.01	$43,797.37	$100,489.45
Upside / Downside	162.07%	344.19%	919.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,432.00	22,421.41	23,456.50	24,539.37	25,672.24	26,857.40	27,663.12
Payout Ratio	33.59%	44.88%	56.16%	67.44%	78.72%	90.00%	92.50%
Projected Dividends (M)	7,200.00	10,061.77	13,172.41	16,548.83	20,208.91	24,171.66	25,588.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.62%	4.62%	5.62%
Year 1 PV (M)	9,358.57	9,448.89	9,539.21
Year 2 PV (M)	11,395.57	11,616.59	11,839.73
Year 3 PV (M)	13,315.99	13,705.26	14,102.04
Year 4 PV (M)	15,124.62	15,717.00	16,326.61
Year 5 PV (M)	16,826.10	17,653.87	18,513.89
PV of Terminal Value (M)	510,937.65	536,073.38	562,188.77
Equity Value (M)	576,958.51	604,214.99	632,510.25
Shares Outstanding (M)	23.96	23.96	23.96
Fair Value	$24,081.83	$25,219.50	$26,400.52
Upside / Downside	144.24%	155.78%	167.75%

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Songwon Industrial Co., Ltd. (004430.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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