DDM Analysis: 013120.KQ

Valuation Snapshot

Stable Growth	$567.50 - $797.96	$681.92
Multi-Stage	$1,725.10 - $1,902.26	$1,811.88
Blended Fair Value	$1,246.90
Current Price	$2,690.00
Upside	-53.65%
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	-15.44%	0.00%	80.47	160.95	150.89	186.10	171.01	186.10	149.28	111.66	80.17	50.84
YoY Growth	-	-	-50.00%	6.67%	-18.92%	8.82%	-8.11%	24.66%	33.69%	39.27%	57.69%	0.00%
Dividend Yield	-	-	3.67%	5.91%	4.55%	3.44%	3.17%	5.69%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,518.30
(-) Cash Dividends Paid (M)	7,264.65
(=) Cash Retained (M)	1,253.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,703.66	1,064.79	638.87
Cash Retained (M)	1,253.66	1,253.66	1,253.66
(-) Cash Required (M)	-1,703.66	-1,064.79	-638.87
(=) Excess Retained (M)	-450.00	188.87	614.78
(/) Shares Outstanding (M)	90.27	90.27	90.27
(=) Excess Retained per Share	-4.98	2.09	6.81
LTM Dividend per Share	80.47	80.47	80.47
(+) Excess Retained per Share	-4.98	2.09	6.81
(=) Adjusted Dividend	75.49	82.57	87.29
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-6.13%	-5.13%	-4.13%
Fair Value	$567.50	$681.92	$797.96
Upside / Downside	-78.90%	-74.65%	-70.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,518.30	8,081.10	7,666.33	7,272.85	6,899.57	6,545.45	6,741.81
Payout Ratio	85.28%	86.23%	87.17%	88.11%	89.06%	90.00%	92.50%
Projected Dividends (M)	7,264.65	6,968.03	6,682.72	6,408.34	6,144.52	5,890.90	6,236.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-6.13%	-5.13%	-4.13%
Year 1 PV (M)	6,482.67	6,551.73	6,620.79
Year 2 PV (M)	5,784.17	5,908.07	6,033.28
Year 3 PV (M)	5,160.33	5,327.02	5,497.26
Year 4 PV (M)	4,603.25	4,802.56	5,008.28
Year 5 PV (M)	4,105.84	4,329.26	4,562.29
PV of Terminal Value (M)	129,592.29	136,643.88	143,999.15
Equity Value (M)	155,728.55	163,562.52	171,721.06
Shares Outstanding (M)	90.27	90.27	90.27
Fair Value	$1,725.10	$1,811.88	$1,902.26
Upside / Downside	-35.87%	-32.64%	-29.28%

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DongWon Development Co.,Ltd. (013120.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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