DDM Analysis: 031440.KS

Valuation Snapshot

Stable Growth	$94,475.46 - $179,961.09	$128,911.54
Multi-Stage	$152,519.38 - $167,705.97	$159,966.65
Blended Fair Value	$144,439.09
Current Price	$40,300.00
Upside	258.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	1.22%	749.73	749.96	749.96	749.96	749.77	749.74	749.96	599.97	499.97	750.26
YoY Growth	-	-	-0.03%	0.00%	0.00%	0.03%	0.00%	-0.03%	25.00%	20.00%	-33.36%	12.99%
Dividend Yield	-	-	2.55%	1.96%	1.67%	0.97%	1.01%	1.59%	0.80%	0.48%	0.33%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23,755.69
(-) Cash Dividends Paid (M)	3,485.62
(=) Cash Retained (M)	20,270.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,751.14	2,969.46	1,781.68
Cash Retained (M)	20,270.08	20,270.08	20,270.08
(-) Cash Required (M)	-4,751.14	-2,969.46	-1,781.68
(=) Excess Retained (M)	15,518.94	17,300.62	18,488.40
(/) Shares Outstanding (M)	3.87	3.87	3.87
(=) Excess Retained per Share	4,007.47	4,467.56	4,774.28
LTM Dividend per Share	900.09	900.09	900.09
(+) Excess Retained per Share	4,007.47	4,467.56	4,774.28
(=) Adjusted Dividend	4,907.57	5,367.65	5,674.37
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	1.06%	2.06%	3.06%
Fair Value	$94,475.46	$128,911.54	$179,961.09
Upside / Downside	134.43%	219.88%	346.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23,755.69	24,244.98	24,744.35	25,254.00	25,774.15	26,305.02	27,094.17
Payout Ratio	14.67%	29.74%	44.80%	59.87%	74.93%	90.00%	92.50%
Projected Dividends (M)	3,485.62	7,210.02	11,086.37	15,119.35	19,313.75	23,674.52	25,062.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	1.06%	2.06%	3.06%
Year 1 PV (M)	6,715.67	6,782.12	6,848.57
Year 2 PV (M)	9,618.22	9,809.51	10,002.68
Year 3 PV (M)	12,217.74	12,584.03	12,957.57
Year 4 PV (M)	14,537.07	15,121.06	15,722.46
Year 5 PV (M)	16,597.56	17,435.15	18,306.21
PV of Terminal Value (M)	530,945.05	557,738.97	585,603.86
Equity Value (M)	590,631.31	619,470.84	649,441.36
Shares Outstanding (M)	3.87	3.87	3.87
Fair Value	$152,519.38	$159,966.65	$167,705.97
Upside / Downside	278.46%	296.94%	316.14%

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SHINSEGAE FOOD Inc. (031440.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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