DDM Analysis: 006800.KS

Valuation Snapshot

Stable Growth	$246,594.68 - $408,589.71	$382,844.19
Multi-Stage	$152,273.99 - $167,365.81	$159,676.64
Blended Fair Value	$271,260.42
Current Price	$21,450.00
Upside	1,164.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.20%	0.00%	154.04	211.54	324.90	227.72	315.84	263.77	213.70	44.46	258.49	7.08
YoY Growth	-	-	-27.18%	-34.89%	42.68%	-27.90%	19.74%	23.43%	380.68%	-82.80%	3,549.47%	0.00%
Dividend Yield	-	-	1.68%	2.65%	5.03%	2.66%	3.20%	5.01%	2.85%	0.48%	2.86%	0.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,220,193.42
(-) Cash Dividends Paid (M)	148,678.99
(=) Cash Retained (M)	1,071,514.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	244,038.68	152,524.18	91,514.51
Cash Retained (M)	1,071,514.42	1,071,514.42	1,071,514.42
(-) Cash Required (M)	-244,038.68	-152,524.18	-91,514.51
(=) Excess Retained (M)	827,475.74	918,990.25	979,999.92
(/) Shares Outstanding (M)	583.49	583.49	583.49
(=) Excess Retained per Share	1,418.15	1,574.99	1,679.55
LTM Dividend per Share	254.81	254.81	254.81
(+) Excess Retained per Share	1,418.15	1,574.99	1,679.55
(=) Adjusted Dividend	1,672.96	1,829.79	1,934.35
WACC / Discount Rate	4.32%	4.32%	4.32%
Growth Rate	3.61%	4.61%	5.61%
Fair Value	$246,594.68	$382,844.19	$408,589.71
Upside / Downside	1,049.63%	1,684.82%	1,804.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,220,193.42	1,276,492.78	1,335,389.78	1,397,004.28	1,461,461.64	1,528,893.05	1,574,759.85
Payout Ratio	12.18%	27.75%	43.31%	58.87%	74.44%	90.00%	92.50%
Projected Dividends (M)	148,678.99	354,199.90	578,369.63	822,471.58	1,087,867.83	1,376,003.75	1,456,652.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.32%	4.32%	4.32%
Growth Rate	3.61%	4.61%	5.61%
Year 1 PV (M)	336,296.50	339,542.16	342,787.83
Year 2 PV (M)	521,378.72	531,491.15	541,700.72
Year 3 PV (M)	703,951.32	724,530.60	745,507.11
Year 4 PV (M)	884,039.70	918,665.16	954,297.94
Year 5 PV (M)	1,061,669.07	1,113,899.50	1,168,165.65
PV of Terminal Value (M)	85,343,206.59	89,541,796.40	93,904,028.78
Equity Value (M)	88,850,541.90	93,169,924.99	97,656,488.02
Shares Outstanding (M)	583.49	583.49	583.49
Fair Value	$152,273.99	$159,676.64	$167,365.81
Upside / Downside	609.90%	644.41%	680.26%

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Mirae Asset Securities Co. Ltd. (006800.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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