DDM Analysis: 402340.KS

Valuation Snapshot

Stable Growth	$278,803.08 - $394,853.98	$336,103.72
Multi-Stage	$402,813.89 - $443,107.83	$422,568.38
Blended Fair Value	$379,336.05
Current Price	$183,000.00
Upside	107.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	17.90	285.01	61.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-93.72%	363.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.02%	0.38%	0.15%	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)	5,684,661.00
(-) Cash Dividends Paid (M)	1,800.00
(=) Cash Retained (M)	5,682,861.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,136,932.20	710,582.63	426,349.58
Cash Retained (M)	5,682,861.00	5,682,861.00	5,682,861.00
(-) Cash Required (M)	-1,136,932.20	-710,582.63	-426,349.58
(=) Excess Retained (M)	4,545,928.80	4,972,278.38	5,256,511.43
(/) Shares Outstanding (M)	133.41	133.41	133.41
(=) Excess Retained per Share	34,073.85	37,269.54	39,400.00
LTM Dividend per Share	13.49	13.49	13.49
(+) Excess Retained per Share	34,073.85	37,269.54	39,400.00
(=) Adjusted Dividend	34,087.34	37,283.03	39,413.49
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$278,803.08	$336,103.72	$394,853.98
Upside / Downside	52.35%	83.66%	115.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,684,661.00	5,627,814.39	5,571,536.25	5,515,820.88	5,460,662.67	5,406,056.05	5,568,237.73
Payout Ratio	0.03%	18.03%	36.02%	54.01%	72.01%	90.00%	92.50%
Projected Dividends (M)	1,800.00	1,014,432.19	2,006,811.56	2,979,241.89	3,932,022.94	4,865,450.44	5,150,619.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	913,046.98	922,363.78	931,680.59
Year 2 PV (M)	1,625,723.92	1,659,071.24	1,692,757.11
Year 3 PV (M)	2,172,281.34	2,239,460.61	2,308,010.84
Year 4 PV (M)	2,580,455.95	2,687,403.79	2,797,642.05
Year 5 PV (M)	2,873,912.64	3,023,563.94	3,179,385.46
PV of Terminal Value (M)	43,575,592.15	45,844,674.33	48,207,312.30
Equity Value (M)	53,741,012.98	56,376,537.69	59,116,788.35
Shares Outstanding (M)	133.41	133.41	133.41
Fair Value	$402,813.89	$422,568.38	$443,107.83
Upside / Downside	120.12%	130.91%	142.14%

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SK Square Co., Ltd. (402340.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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