DDM Analysis: 023160.KQ

Valuation Snapshot

Stable Growth	$138,081.51 - $502,079.27	$433,247.85
Multi-Stage	$69,960.17 - $76,637.00	$73,236.87
Blended Fair Value	$253,242.36
Current Price	$25,800.00
Upside	881.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.78%	0.00%	170.01	170.01	100.01	50.00	100.01	75.01	50.00	50.00	100.01	0.00
YoY Growth	-	-	0.00%	70.00%	100.00%	-50.00%	33.33%	50.00%	0.00%	-50.00%	0.00%	0.00%
Dividend Yield	-	-	0.82%	1.37%	0.59%	0.48%	1.14%	1.15%	0.44%	0.40%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65,572.15
(-) Cash Dividends Paid (M)	13,838.97
(=) Cash Retained (M)	51,733.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,114.43	8,196.52	4,917.91
Cash Retained (M)	51,733.17	51,733.17	51,733.17
(-) Cash Required (M)	-13,114.43	-8,196.52	-4,917.91
(=) Excess Retained (M)	38,618.74	43,536.66	46,815.26
(/) Shares Outstanding (M)	25.87	25.87	25.87
(=) Excess Retained per Share	1,493.06	1,683.19	1,809.95
LTM Dividend per Share	535.04	535.04	535.04
(+) Excess Retained per Share	1,493.06	1,683.19	1,809.95
(=) Adjusted Dividend	2,028.10	2,218.23	2,344.99
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.05%	6.05%	7.05%
Fair Value	$138,081.51	$433,247.85	$502,079.27
Upside / Downside	435.20%	1,579.26%	1,846.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65,572.15	69,541.75	73,751.65	78,216.42	82,951.48	87,973.18	90,612.38
Payout Ratio	21.10%	34.88%	48.66%	62.44%	76.22%	90.00%	92.50%
Projected Dividends (M)	13,838.97	24,258.92	35,889.75	48,839.88	63,226.44	79,175.86	83,816.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.05%	6.05%	7.05%
Year 1 PV (M)	22,543.06	22,757.65	22,972.23
Year 2 PV (M)	30,992.26	31,585.10	32,183.55
Year 3 PV (M)	39,192.14	40,322.03	41,473.43
Year 4 PV (M)	47,148.13	48,969.12	50,842.37
Year 5 PV (M)	54,865.58	57,527.08	60,290.88
PV of Terminal Value (M)	1,614,813.50	1,693,147.19	1,774,491.75
Equity Value (M)	1,809,554.68	1,894,308.17	1,982,254.20
Shares Outstanding (M)	25.87	25.87	25.87
Fair Value	$69,960.17	$73,236.87	$76,637.00
Upside / Downside	171.16%	183.86%	197.04%

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Tae Kwang Corporation (023160.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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