DDM Analysis: 047810.KS

Valuation Snapshot

Stable Growth	$25,286.91 - $52,890.55	$35,721.63
Multi-Stage	$27,259.78 - $29,858.03	$28,534.69
Blended Fair Value	$32,128.16
Current Price	$108,000.00
Upside	-70.25%
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	20.11%	9.60%	499.52	249.76	199.81	199.81	399.61	199.81	0.00	679.34	399.61	249.75
YoY Growth	-	-	100.00%	25.00%	0.00%	-50.00%	100.00%	0.00%	-100.00%	70.00%	60.00%	25.00%
Dividend Yield	-	-	0.67%	0.48%	0.42%	0.47%	1.09%	0.95%	0.00%	1.36%	0.69%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	137,094.14
(-) Cash Dividends Paid (M)	48,737.55
(=) Cash Retained (M)	88,356.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27,418.83	17,136.77	10,282.06
Cash Retained (M)	88,356.59	88,356.59	88,356.59
(-) Cash Required (M)	-27,418.83	-17,136.77	-10,282.06
(=) Excess Retained (M)	60,937.76	71,219.82	78,074.53
(/) Shares Outstanding (M)	97.57	97.57	97.57
(=) Excess Retained per Share	624.56	729.94	800.20
LTM Dividend per Share	499.52	499.52	499.52
(+) Excess Retained per Share	624.56	729.94	800.20
(=) Adjusted Dividend	1,124.08	1,229.46	1,299.71
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	3.08%	4.08%	5.08%
Fair Value	$25,286.91	$35,721.63	$52,890.55
Upside / Downside	-76.59%	-66.92%	-51.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	137,094.14	142,687.11	148,508.24	154,566.87	160,872.66	167,435.70	172,458.77
Payout Ratio	35.55%	46.44%	57.33%	68.22%	79.11%	90.00%	92.50%
Projected Dividends (M)	48,737.55	66,264.38	85,140.16	105,445.78	127,266.50	150,692.13	159,524.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	3.08%	4.08%	5.08%
Year 1 PV (M)	60,957.26	61,548.62	62,139.98
Year 2 PV (M)	72,048.52	73,453.22	74,871.48
Year 3 PV (M)	82,085.25	84,497.48	86,956.52
Year 4 PV (M)	91,137.12	94,725.49	98,418.79
Year 5 PV (M)	99,269.79	104,179.32	109,281.21
PV of Terminal Value (M)	2,254,218.24	2,365,703.97	2,481,557.66
Equity Value (M)	2,659,716.18	2,784,108.11	2,913,225.65
Shares Outstanding (M)	97.57	97.57	97.57
Fair Value	$27,259.78	$28,534.69	$29,858.03
Upside / Downside	-74.76%	-73.58%	-72.35%

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Financial Statements

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Ticker

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Sector

Korea Aerospace Industries, Ltd. (047810.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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