DDM Analysis: 018260.KS

Valuation Snapshot

Stable Growth	$266,849.55 - $905,508.28	$437,433.98
Multi-Stage	$241,638.27 - $264,819.47	$253,012.74
Blended Fair Value	$345,223.36
Current Price	$164,200.00
Upside	110.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.89%	26.88%	2,749.71	3,194.62	2,364.90	2,364.90	2,364.90	1,970.75	1,970.75	758.43	512.08	502.65
YoY Growth	-	-	-13.93%	35.08%	0.00%	0.00%	20.00%	0.00%	159.85%	48.11%	1.88%	97.65%
Dividend Yield	-	-	2.37%	1.93%	2.04%	1.71%	1.22%	1.32%	0.85%	0.30%	0.38%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	773,258.12
(-) Cash Dividends Paid (M)	233,131.19
(=) Cash Retained (M)	540,126.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	154,651.62	96,657.27	57,994.36
Cash Retained (M)	540,126.93	540,126.93	540,126.93
(-) Cash Required (M)	-154,651.62	-96,657.27	-57,994.36
(=) Excess Retained (M)	385,475.31	443,469.67	482,132.57
(/) Shares Outstanding (M)	78.50	78.50	78.50
(=) Excess Retained per Share	4,910.62	5,649.42	6,141.95
LTM Dividend per Share	2,969.89	2,969.89	2,969.89
(+) Excess Retained per Share	4,910.62	5,649.42	6,141.95
(=) Adjusted Dividend	7,880.51	8,619.31	9,111.84
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	3.76%	4.76%	5.76%
Fair Value	$266,849.55	$437,433.98	$905,508.28
Upside / Downside	62.51%	166.40%	451.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	773,258.12	810,074.44	848,643.64	889,049.20	931,378.55	975,723.28	1,004,994.98
Payout Ratio	30.15%	42.12%	54.09%	66.06%	78.03%	90.00%	92.50%
Projected Dividends (M)	233,131.19	341,198.21	459,027.31	587,303.08	726,753.21	878,150.95	929,620.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	3.76%	4.76%	5.76%
Year 1 PV (M)	316,349.10	319,397.92	322,446.74
Year 2 PV (M)	394,601.04	402,243.64	409,959.54
Year 3 PV (M)	468,103.45	481,768.36	495,696.66
Year 4 PV (M)	537,064.41	558,069.50	579,684.79
Year 5 PV (M)	601,683.97	631,241.93	661,950.28
PV of Terminal Value (M)	16,650,379.48	17,468,335.76	18,318,126.72
Equity Value (M)	18,968,181.45	19,861,057.11	20,787,864.73
Shares Outstanding (M)	78.50	78.50	78.50
Fair Value	$241,638.27	$253,012.74	$264,819.47
Upside / Downside	47.16%	54.09%	61.28%

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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%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
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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Samsung SDS Co.,Ltd. (018260.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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