DDM Analysis: 010130.KS

Valuation Snapshot

Stable Growth	$479,898.75 - $1,217,437.47	$723,651.12
Multi-Stage	$357,512.76 - $389,215.73	$373,082.11
Blended Fair Value	$548,366.62
Current Price	$819,000.00
Upside	-33.04%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.95%	13.35%	16,673.43	31,715.30	18,715.77	14,036.83	13,101.04	10,375.95	9,440.08	8,036.36	8,036.36	6,164.78
YoY Growth	-	-	-47.43%	69.46%	33.33%	7.14%	26.26%	9.91%	17.47%	0.00%	30.36%	29.48%
Dividend Yield	-	-	2.14%	7.03%	3.38%	2.40%	3.21%	2.91%	2.01%	1.68%	1.86%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	401,028.84
(-) Cash Dividends Paid (M)	347,114.25
(=) Cash Retained (M)	53,914.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80,205.77	50,128.61	30,077.16
Cash Retained (M)	53,914.59	53,914.59	53,914.59
(-) Cash Required (M)	-80,205.77	-50,128.61	-30,077.16
(=) Excess Retained (M)	-26,291.18	3,785.99	23,837.43
(/) Shares Outstanding (M)	18.89	18.89	18.89
(=) Excess Retained per Share	-1,392.03	200.45	1,262.11
LTM Dividend per Share	18,378.47	18,378.47	18,378.47
(+) Excess Retained per Share	-1,392.03	200.45	1,262.11
(=) Adjusted Dividend	16,986.45	18,578.93	19,640.58
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$479,898.75	$723,651.12	$1,217,437.47
Upside / Downside	-41.40%	-11.64%	48.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	401,028.84	427,095.72	454,856.94	484,422.64	515,910.11	549,444.27	565,927.60
Payout Ratio	86.56%	87.24%	87.93%	88.62%	89.31%	90.00%	92.50%
Projected Dividends (M)	347,114.25	372,618.57	399,971.90	429,306.84	460,765.44	494,499.84	523,483.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	337,915.76	341,118.75	344,321.75
Year 2 PV (M)	328,940.52	335,205.92	341,530.42
Year 3 PV (M)	320,184.02	329,375.36	338,740.93
Year 4 PV (M)	311,641.80	323,626.66	335,953.92
Year 5 PV (M)	303,309.43	317,959.39	333,170.03
PV of Terminal Value (M)	5,150,351.88	5,399,115.80	5,657,400.50
Equity Value (M)	6,752,343.41	7,046,401.87	7,351,117.54
Shares Outstanding (M)	18.89	18.89	18.89
Fair Value	$357,512.76	$373,082.11	$389,215.73
Upside / Downside	-56.35%	-54.45%	-52.48%

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Korea Zinc Company, Ltd. (010130.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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