DDM Analysis: 078000.KS

Valuation Snapshot

Stable Growth	$9,281.22 - $14,120.97	$11,551.81
Multi-Stage	$20,951.61 - $23,045.40	$21,977.98
Blended Fair Value	$16,764.89
Current Price	$15,540.00
Upside	7.88%
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	-0.49%	-0.25%	689.52	652.46	543.72	521.97	598.09	706.84	630.72	543.72	717.71	652.46
YoY Growth	-	-	5.68%	20.00%	4.17%	-12.73%	-15.38%	12.07%	16.00%	-24.24%	10.00%	-7.69%
Dividend Yield	-	-	7.87%	6.10%	5.99%	4.86%	5.20%	6.07%	4.35%	3.42%	6.30%	4.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,471.01
(-) Cash Dividends Paid (M)	3,304.96
(=) Cash Retained (M)	2,166.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,094.20	683.88	410.33
Cash Retained (M)	2,166.05	2,166.05	2,166.05
(-) Cash Required (M)	-1,094.20	-683.88	-410.33
(=) Excess Retained (M)	1,071.84	1,482.17	1,755.72
(/) Shares Outstanding (M)	5.17	5.17	5.17
(=) Excess Retained per Share	207.15	286.45	339.32
LTM Dividend per Share	638.74	638.74	638.74
(+) Excess Retained per Share	207.15	286.45	339.32
(=) Adjusted Dividend	845.89	925.19	978.06
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.25%	-1.25%	-0.25%
Fair Value	$9,281.22	$11,551.81	$14,120.97
Upside / Downside	-40.28%	-25.66%	-9.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,471.01	5,402.75	5,335.34	5,268.77	5,203.04	5,138.12	5,292.27
Payout Ratio	60.41%	66.33%	72.25%	78.16%	84.08%	90.00%	92.50%
Projected Dividends (M)	3,304.96	3,583.48	3,854.53	4,118.26	4,374.80	4,624.31	4,895.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.25%	-1.25%	-0.25%
Year 1 PV (M)	3,325.65	3,359.67	3,393.69
Year 2 PV (M)	3,319.83	3,388.10	3,457.06
Year 3 PV (M)	3,291.77	3,393.83	3,497.98
Year 4 PV (M)	3,245.24	3,380.09	3,519.09
Year 5 PV (M)	3,183.52	3,349.72	3,522.79
PV of Terminal Value (M)	92,041.84	96,847.06	101,850.91
Equity Value (M)	108,407.85	113,718.47	119,241.54
Shares Outstanding (M)	5.17	5.17	5.17
Fair Value	$20,951.61	$21,977.98	$23,045.40
Upside / Downside	34.82%	41.43%	48.30%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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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Telcoware Co.,Ltd. (078000.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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