DDM Analysis: 003490.KS

Valuation Snapshot

Stable Growth	$133,814.77 - $508,421.58	$388,992.80
Multi-Stage	$62,905.49 - $68,831.09	$65,813.98
Blended Fair Value	$227,403.39
Current Price	$22,750.00
Upside	899.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	61.60%	34.78%	750.30	760.65	12.30	49.02	164.49	68.09	181.97	90.67	62.93	37.91
YoY Growth	-	-	-1.36%	6,085.63%	-74.91%	-70.20%	141.57%	-62.58%	100.70%	44.08%	66.00%	-0.03%
Dividend Yield	-	-	3.52%	3.45%	0.05%	0.16%	0.60%	0.54%	0.82%	0.40%	0.29%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	948,002.04
(-) Cash Dividends Paid (M)	281,569.10
(=) Cash Retained (M)	666,432.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189,600.41	118,500.25	71,100.15
Cash Retained (M)	666,432.94	666,432.94	666,432.94
(-) Cash Required (M)	-189,600.41	-118,500.25	-71,100.15
(=) Excess Retained (M)	476,832.54	547,932.69	595,332.79
(/) Shares Outstanding (M)	370.82	370.82	370.82
(=) Excess Retained per Share	1,285.88	1,477.62	1,605.44
LTM Dividend per Share	759.31	759.31	759.31
(+) Excess Retained per Share	1,285.88	1,477.62	1,605.44
(=) Adjusted Dividend	2,045.19	2,236.93	2,364.75
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$133,814.77	$388,992.80	$508,421.58
Upside / Downside	488.20%	1,609.86%	2,134.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	948,002.04	1,009,622.17	1,075,247.61	1,145,138.71	1,219,572.72	1,298,844.95	1,337,810.30
Payout Ratio	29.70%	41.76%	53.82%	65.88%	77.94%	90.00%	92.50%
Projected Dividends (M)	281,569.10	421,628.86	578,706.76	754,423.42	950,538.19	1,168,960.46	1,237,474.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	389,935.96	393,632.04	397,328.11
Year 2 PV (M)	494,976.38	504,404.29	513,921.15
Year 3 PV (M)	596,765.96	613,896.96	631,352.72
Year 4 PV (M)	695,378.75	722,121.05	749,627.36
Year 5 PV (M)	790,887.34	829,087.49	868,749.65
PV of Terminal Value (M)	20,358,793.63	21,342,130.98	22,363,102.96
Equity Value (M)	23,326,738.02	24,405,272.81	25,524,081.95
Shares Outstanding (M)	370.82	370.82	370.82
Fair Value	$62,905.49	$65,813.98	$68,831.09
Upside / Downside	176.51%	189.29%	202.55%

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Korean Air Lines Co., Ltd. (003490.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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