DDM Analysis: 009290.KS

Valuation Snapshot

Stable Growth	$15,065.88 - $35,336.91	$22,147.24
Multi-Stage	$18,353.53 - $20,153.41	$19,236.41
Blended Fair Value	$20,691.82
Current Price	$5,830.00
Upside	254.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.51%	3.37%	101.44	103.98	103.98	103.98	80.14	81.36	82.16	82.17	82.17	81.35
YoY Growth	-	-	-2.43%	0.00%	0.00%	29.74%	-1.49%	-0.98%	-0.01%	0.00%	1.01%	11.75%
Dividend Yield	-	-	1.97%	1.42%	1.88%	1.38%	0.94%	1.43%	1.17%	0.92%	0.92%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29,182.92
(-) Cash Dividends Paid (M)	3,927.88
(=) Cash Retained (M)	25,255.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,836.58	3,647.86	2,188.72
Cash Retained (M)	25,255.04	25,255.04	25,255.04
(-) Cash Required (M)	-5,836.58	-3,647.86	-2,188.72
(=) Excess Retained (M)	19,418.46	21,607.18	23,066.32
(/) Shares Outstanding (M)	39.51	39.51	39.51
(=) Excess Retained per Share	491.50	546.90	583.84
LTM Dividend per Share	99.42	99.42	99.42
(+) Excess Retained per Share	491.50	546.90	583.84
(=) Adjusted Dividend	590.92	646.32	683.25
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	2.51%	3.51%	4.51%
Fair Value	$15,065.88	$22,147.24	$35,336.91
Upside / Downside	158.42%	279.88%	506.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29,182.92	30,207.78	31,268.63	32,366.74	33,503.42	34,680.01	35,720.41
Payout Ratio	13.46%	28.77%	44.08%	59.38%	74.69%	90.00%	92.50%
Projected Dividends (M)	3,927.88	8,690.06	13,781.87	19,220.60	25,024.34	31,212.01	33,041.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	2.51%	3.51%	4.51%
Year 1 PV (M)	8,078.37	8,157.18	8,235.98
Year 2 PV (M)	11,909.97	12,143.47	12,379.23
Year 3 PV (M)	15,440.84	15,897.14	16,362.34
Year 4 PV (M)	18,688.22	19,428.17	20,189.88
Year 5 PV (M)	21,668.47	22,746.17	23,866.33
PV of Terminal Value (M)	649,329.86	681,624.78	715,192.08
Equity Value (M)	725,115.74	759,996.91	796,225.84
Shares Outstanding (M)	39.51	39.51	39.51
Fair Value	$18,353.53	$19,236.41	$20,153.41
Upside / Downside	214.81%	229.96%	245.68%

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Kwang Dong Pharmaceutical Co., Ltd. (009290.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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