DDM Analysis: 009160.KS

Valuation Snapshot

Stable Growth	$17,635.24 - $43,199.40	$40,484.17
Multi-Stage	$6,526.88 - $7,130.36	$6,823.13
Blended Fair Value	$23,653.65
Current Price	$4,430.00
Upside	433.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.30%	9.68%	100.50	197.81	206.60	64.01	67.39	67.46	36.73	48.94	59.96	39.90
YoY Growth	-	-	-49.19%	-4.26%	222.77%	-5.02%	-0.11%	83.69%	-24.96%	-18.38%	50.29%	0.00%
Dividend Yield	-	-	2.69%	4.41%	4.14%	0.78%	2.08%	3.08%	1.45%	1.10%	1.20%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,766.42
(-) Cash Dividends Paid (M)	10,879.81
(=) Cash Retained (M)	886.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,353.28	1,470.80	882.48
Cash Retained (M)	886.61	886.61	886.61
(-) Cash Required (M)	-2,353.28	-1,470.80	-882.48
(=) Excess Retained (M)	-1,466.67	-584.19	4.13
(/) Shares Outstanding (M)	54.17	54.17	54.17
(=) Excess Retained per Share	-27.08	-10.78	0.08
LTM Dividend per Share	200.85	200.85	200.85
(+) Excess Retained per Share	-27.08	-10.78	0.08
(=) Adjusted Dividend	173.78	190.07	200.93
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17,635.24	$40,484.17	$43,199.40
Upside / Downside	298.09%	813.86%	875.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,766.42	12,531.24	13,345.77	14,213.24	15,137.10	16,121.02	16,604.65
Payout Ratio	92.46%	91.97%	91.48%	90.99%	90.49%	90.00%	92.50%
Projected Dividends (M)	10,879.81	11,525.22	12,208.57	12,932.06	13,698.02	14,508.91	15,359.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,716.21	10,817.78	10,919.36
Year 2 PV (M)	10,554.76	10,755.80	10,958.73
Year 3 PV (M)	10,395.45	10,693.86	10,997.94
Year 4 PV (M)	10,238.24	10,631.97	11,036.95
Year 5 PV (M)	10,083.10	10,570.12	11,075.78
PV of Terminal Value (M)	301,563.47	316,129.10	331,252.19
Equity Value (M)	353,551.22	369,598.63	386,240.95
Shares Outstanding (M)	54.17	54.17	54.17
Fair Value	$6,526.88	$6,823.13	$7,130.36
Upside / Downside	47.33%	54.02%	60.96%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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SIMPAC Inc. (009160.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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