DDM Analysis: 016800.KS

Valuation Snapshot

Stable Growth	$92,633.96 - $254,637.77	$143,200.64
Multi-Stage	$103,818.55 - $113,893.54	$108,761.19
Blended Fair Value	$125,980.92
Current Price	$44,900.00
Upside	180.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.63%	4.94%	1,200.08	1,101.46	1,127.36	1,025.89	1,053.83	1,053.83	843.22	739.63	745.13	742.58
YoY Growth	-	-	8.95%	-2.30%	9.89%	-2.65%	0.00%	24.98%	14.01%	-0.74%	0.34%	0.25%
Dividend Yield	-	-	2.87%	3.05%	3.81%	2.77%	3.57%	3.83%	2.69%	2.36%	2.34%	2.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35,242.58
(-) Cash Dividends Paid (M)	10,738.74
(=) Cash Retained (M)	24,503.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,048.52	4,405.32	2,643.19
Cash Retained (M)	24,503.84	24,503.84	24,503.84
(-) Cash Required (M)	-7,048.52	-4,405.32	-2,643.19
(=) Excess Retained (M)	17,455.32	20,098.52	21,860.65
(/) Shares Outstanding (M)	8.95	8.95	8.95
(=) Excess Retained per Share	1,950.68	2,246.06	2,442.98
LTM Dividend per Share	1,200.08	1,200.08	1,200.08
(+) Excess Retained per Share	1,950.68	2,246.06	2,442.98
(=) Adjusted Dividend	3,150.76	3,446.14	3,643.06
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	2.94%	3.94%	4.94%
Fair Value	$92,633.96	$143,200.64	$254,637.77
Upside / Downside	106.31%	218.93%	467.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35,242.58	36,632.28	38,076.77	39,578.22	41,138.88	42,761.07	44,043.91
Payout Ratio	30.47%	42.38%	54.28%	66.19%	78.09%	90.00%	92.50%
Projected Dividends (M)	10,738.74	15,523.57	20,669.04	26,196.18	32,127.07	38,484.97	40,740.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	2.94%	3.94%	4.94%
Year 1 PV (M)	14,443.40	14,583.70	14,724.00
Year 2 PV (M)	17,892.71	18,242.02	18,594.71
Year 3 PV (M)	21,099.47	21,720.34	22,353.29
Year 4 PV (M)	24,075.90	25,025.12	26,002.13
Year 5 PV (M)	26,833.68	28,162.58	29,543.60
PV of Terminal Value (M)	824,658.96	865,498.81	907,940.88
Equity Value (M)	929,004.11	973,232.56	1,019,158.61
Shares Outstanding (M)	8.95	8.95	8.95
Fair Value	$103,818.55	$108,761.19	$113,893.54
Upside / Downside	131.22%	142.23%	153.66%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

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Fursys Inc. (016800.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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