DDM Analysis: 323410.KS

Valuation Snapshot

Stable Growth	$8,365.81 - $12,676.48	$10,393.89
Multi-Stage	$17,148.63 - $18,870.14	$17,992.51
Blended Fair Value	$14,193.20
Current Price	$23,750.00
Upside	-40.24%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	149.90	80.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	87.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.68%	0.29%	0.00%	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)	459,530.00
(-) Cash Dividends Paid (M)	171,520.00
(=) Cash Retained (M)	288,010.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	91,906.00	57,441.25	34,464.75
Cash Retained (M)	288,010.00	288,010.00	288,010.00
(-) Cash Required (M)	-91,906.00	-57,441.25	-34,464.75
(=) Excess Retained (M)	196,104.00	230,568.75	253,545.25
(/) Shares Outstanding (M)	476.65	476.65	476.65
(=) Excess Retained per Share	411.42	483.73	531.93
LTM Dividend per Share	359.85	359.85	359.85
(+) Excess Retained per Share	411.42	483.73	531.93
(=) Adjusted Dividend	771.27	843.58	891.78
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8,365.81	$10,393.89	$12,676.48
Upside / Downside	-64.78%	-56.24%	-46.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	459,530.00	454,934.70	450,385.35	445,881.50	441,422.68	437,008.46	450,118.71
Payout Ratio	37.33%	47.86%	58.40%	68.93%	79.47%	90.00%	92.50%
Projected Dividends (M)	171,520.00	217,732.09	263,002.78	307,346.28	350,776.62	393,307.61	416,359.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	201,366.76	203,421.53	205,476.29
Year 2 PV (M)	224,952.62	229,566.91	234,228.05
Year 3 PV (M)	243,121.87	250,640.58	258,312.73
Year 4 PV (M)	256,620.92	267,256.66	278,219.62
Year 5 PV (M)	266,108.73	279,965.63	294,393.86
PV of Terminal Value (M)	6,981,675.53	7,345,227.57	7,723,769.11
Equity Value (M)	8,173,846.43	8,576,078.88	8,994,399.66
Shares Outstanding (M)	476.65	476.65	476.65
Fair Value	$17,148.63	$17,992.51	$18,870.14
Upside / Downside	-27.80%	-24.24%	-20.55%

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KakaoBank Corp. (323410.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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