DDM Analysis: 035720.KS

Valuation Snapshot

Stable Growth	$14,387.37 - $56,913.05	$24,479.74
Multi-Stage	$8,928.55 - $9,764.42	$9,338.86
Blended Fair Value	$16,909.30
Current Price	$60,000.00
Upside	-71.82%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.50%	0.00%	98.94	124.20	52.32	137.17	23.70	23.33	27.41	36.41	25.80	26.40
YoY Growth	-	-	-20.34%	137.39%	-61.86%	478.86%	1.56%	-14.87%	-24.72%	41.12%	-2.27%	0.00%
Dividend Yield	-	-	0.25%	0.23%	0.09%	0.13%	0.02%	0.08%	0.13%	0.14%	0.16%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	213,360.13
(-) Cash Dividends Paid (M)	38,944.32
(=) Cash Retained (M)	174,415.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42,672.03	26,670.02	16,002.01
Cash Retained (M)	174,415.81	174,415.81	174,415.81
(-) Cash Required (M)	-42,672.03	-26,670.02	-16,002.01
(=) Excess Retained (M)	131,743.79	147,745.80	158,413.80
(/) Shares Outstanding (M)	439.42	439.42	439.42
(=) Excess Retained per Share	299.81	336.23	360.50
LTM Dividend per Share	88.63	88.63	88.63
(+) Excess Retained per Share	299.81	336.23	360.50
(=) Adjusted Dividend	388.44	424.85	449.13
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14,387.37	$24,479.74	$56,913.05
Upside / Downside	-76.02%	-59.20%	-5.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	213,360.13	227,228.54	241,998.39	257,728.29	274,480.63	292,321.87	301,091.52
Payout Ratio	18.25%	32.60%	46.95%	61.30%	75.65%	90.00%	92.50%
Projected Dividends (M)	38,944.32	74,081.69	113,622.39	157,990.38	207,646.16	263,089.68	278,509.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	67,731.63	68,373.63	69,015.64
Year 2 PV (M)	94,978.46	96,787.53	98,613.67
Year 3 PV (M)	120,745.92	124,212.10	127,743.99
Year 4 PV (M)	145,092.95	150,672.81	156,412.09
Year 5 PV (M)	168,076.43	176,194.58	184,623.44
PV of Terminal Value (M)	3,326,782.67	3,487,467.52	3,654,302.15
Equity Value (M)	3,923,408.05	4,103,708.17	4,290,710.98
Shares Outstanding (M)	439.42	439.42	439.42
Fair Value	$8,928.55	$9,338.86	$9,764.42
Upside / Downside	-85.12%	-84.44%	-83.73%

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Financial Statements

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Kakao Corp. (035720.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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