DDM Analysis: 138040.KS

Valuation Snapshot

Stable Growth	$679,788.23 - $2,606,497.70	$1,947,223.22
Multi-Stage	$316,835.88 - $346,925.27	$331,603.89
Blended Fair Value	$1,139,413.56
Current Price	$113,500.00
Upside	903.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.44%	29.23%	2,870.25	226.95	353.16	1,763.37	1,094.32	1,001.52	1,120.69	842.11	681.74	326.16
YoY Growth	-	-	1,164.70%	-35.74%	-79.97%	61.14%	9.27%	-10.63%	33.08%	23.52%	109.02%	47.58%
Dividend Yield	-	-	2.35%	0.28%	0.91%	4.34%	6.36%	9.72%	7.86%	5.69%	5.61%	2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,329,894.39
(-) Cash Dividends Paid (M)	285,347.12
(=) Cash Retained (M)	2,044,547.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	465,978.88	291,236.80	174,742.08
Cash Retained (M)	2,044,547.27	2,044,547.27	2,044,547.27
(-) Cash Required (M)	-465,978.88	-291,236.80	-174,742.08
(=) Excess Retained (M)	1,578,568.40	1,753,310.48	1,869,805.19
(/) Shares Outstanding (M)	177.77	177.77	177.77
(=) Excess Retained per Share	8,879.82	9,862.79	10,518.10
LTM Dividend per Share	1,605.15	1,605.15	1,605.15
(+) Excess Retained per Share	8,879.82	9,862.79	10,518.10
(=) Adjusted Dividend	10,484.97	11,467.93	12,123.25
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$679,788.23	$1,947,223.22	$2,606,497.70
Upside / Downside	498.93%	1,615.62%	2,196.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,329,894.39	2,481,337.53	2,642,624.47	2,814,395.06	2,997,330.74	3,192,157.23	3,287,921.95
Payout Ratio	12.25%	27.80%	43.35%	58.90%	74.45%	90.00%	92.50%
Projected Dividends (M)	285,347.12	689,756.50	1,145,533.51	1,657,647.31	2,231,496.02	2,872,941.51	3,041,327.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	637,821.01	643,866.71	649,912.41
Year 2 PV (M)	979,521.20	998,178.33	1,017,011.47
Year 3 PV (M)	1,310,693.66	1,348,318.96	1,386,657.52
Year 4 PV (M)	1,631,579.37	1,694,325.30	1,758,863.85
Year 5 PV (M)	1,942,414.42	2,036,233.76	2,133,643.79
PV of Terminal Value (M)	49,821,964.39	52,228,383.90	54,726,902.75
Equity Value (M)	56,323,994.05	58,949,306.97	61,672,991.78
Shares Outstanding (M)	177.77	177.77	177.77
Fair Value	$316,835.88	$331,603.89	$346,925.27
Upside / Downside	179.15%	192.16%	205.66%

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Meritz Financial Group Inc. (138040.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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