DDM Analysis: 019180.KS

Valuation Snapshot

Stable Growth	$473,490.24 - $557,851.73	$522,788.77
Multi-Stage	$347,735.26 - $381,732.32	$364,415.95
Blended Fair Value	$443,602.36
Current Price	$5,820.00
Upside	7,522.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	6.69%	60.02	50.01	50.01	30.01	60.02	50.01	50.01	55.01	47.10	7.18
YoY Growth	-	-	20.00%	0.00%	66.67%	-50.00%	20.00%	0.00%	-9.09%	16.80%	555.58%	-77.12%
Dividend Yield	-	-	2.01%	1.39%	1.45%	0.68%	1.89%	2.11%	2.10%	2.46%	2.14%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50,477.34
(-) Cash Dividends Paid (M)	1,080.00
(=) Cash Retained (M)	49,397.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,095.47	6,309.67	3,785.80
Cash Retained (M)	49,397.34	49,397.34	49,397.34
(-) Cash Required (M)	-10,095.47	-6,309.67	-3,785.80
(=) Excess Retained (M)	39,301.87	43,087.67	45,611.54
(/) Shares Outstanding (M)	18.00	18.00	18.00
(=) Excess Retained per Share	2,184.01	2,394.39	2,534.64
LTM Dividend per Share	60.02	60.02	60.02
(+) Excess Retained per Share	2,184.01	2,394.39	2,534.64
(=) Adjusted Dividend	2,244.03	2,454.41	2,594.66
WACC / Discount Rate	0.62%	0.62%	0.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$473,490.24	$522,788.77	$557,851.73
Upside / Downside	8,035.57%	8,882.62%	9,485.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50,477.34	53,758.37	57,252.66	60,974.09	64,937.40	69,158.33	71,233.08
Payout Ratio	2.14%	19.71%	37.28%	54.86%	72.43%	90.00%	92.50%
Projected Dividends (M)	1,080.00	10,596.67	21,345.94	33,447.84	47,032.81	62,242.50	65,890.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.62%	0.62%	0.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,432.02	10,530.90	10,629.78
Year 2 PV (M)	20,687.74	21,081.79	21,479.55
Year 3 PV (M)	31,912.80	32,828.90	33,762.37
Year 4 PV (M)	44,177.05	45,875.97	47,623.44
Year 5 PV (M)	57,554.83	60,334.75	63,221.07
PV of Terminal Value (M)	6,092,818.43	6,387,103.84	6,692,652.24
Equity Value (M)	6,257,582.87	6,557,756.15	6,869,368.44
Shares Outstanding (M)	18.00	18.00	18.00
Fair Value	$347,735.26	$364,415.95	$381,732.32
Upside / Downside	5,874.83%	6,161.44%	6,458.97%

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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
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DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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THN Corporation (019180.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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