DDM Analysis: 068270.KS

Valuation Snapshot

Stable Growth	$76,943.49 - $190,037.05	$115,034.78
Multi-Stage	$53,580.26 - $58,541.55	$56,015.91
Blended Fair Value	$85,525.34
Current Price	$173,400.00
Upside	-50.68%
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	0.00%	314.98%	489.55	244.12	484.10	0.02	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	100.54%	-49.57%	2,709,526.18%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	944.20%
Dividend Yield	-	-	0.30%	0.14%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	737,835.37
(-) Cash Dividends Paid (M)	153,763.51
(=) Cash Retained (M)	584,071.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	147,567.07	92,229.42	55,337.65
Cash Retained (M)	584,071.86	584,071.86	584,071.86
(-) Cash Required (M)	-147,567.07	-92,229.42	-55,337.65
(=) Excess Retained (M)	436,504.79	491,842.44	528,734.21
(/) Shares Outstanding (M)	211.63	211.63	211.63
(=) Excess Retained per Share	2,062.57	2,324.05	2,498.37
LTM Dividend per Share	726.56	726.56	726.56
(+) Excess Retained per Share	2,062.57	2,324.05	2,498.37
(=) Adjusted Dividend	2,789.13	3,050.61	3,224.93
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$76,943.49	$115,034.78	$190,037.05
Upside / Downside	-55.63%	-33.66%	9.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	737,835.37	785,794.67	836,871.33	891,267.96	949,200.38	1,010,898.40	1,041,225.36
Payout Ratio	20.84%	34.67%	48.50%	62.34%	76.17%	90.00%	92.50%
Projected Dividends (M)	153,763.51	272,449.55	405,915.13	555,580.13	722,986.59	909,808.56	963,133.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	246,872.29	249,212.31	251,552.33
Year 2 PV (M)	333,278.82	339,626.85	346,034.76
Year 3 PV (M)	413,338.09	425,203.54	437,293.92
Year 4 PV (M)	487,388.42	506,132.00	525,411.08
Year 5 PV (M)	555,752.25	582,595.29	610,465.68
PV of Terminal Value (M)	9,302,653.66	9,751,975.31	10,218,493.56
Equity Value (M)	11,339,283.53	11,854,745.30	12,389,251.33
Shares Outstanding (M)	211.63	211.63	211.63
Fair Value	$53,580.26	$56,015.91	$58,541.55
Upside / Downside	-69.10%	-67.70%	-66.24%

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Celltrion, Inc. (068270.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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