DDM Analysis: 003470.KS

Valuation Snapshot

Stable Growth	$4,438.02 - $8,030.92	$5,936.16
Multi-Stage	$6,942.37 - $7,612.42	$7,271.04
Blended Fair Value	$6,603.60
Current Price	$3,695.00
Upside	78.72%
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%	0.00%	183.30	113.23	183.30	128.24	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	61.88%	-38.23%	42.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.19%	4.19%	6.87%	3.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64,644.88
(-) Cash Dividends Paid (M)	41,738.86
(=) Cash Retained (M)	22,906.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,928.98	8,080.61	4,848.37
Cash Retained (M)	22,906.01	22,906.01	22,906.01
(-) Cash Required (M)	-12,928.98	-8,080.61	-4,848.37
(=) Excess Retained (M)	9,977.04	14,825.40	18,057.65
(/) Shares Outstanding (M)	205.29	205.29	205.29
(=) Excess Retained per Share	48.60	72.22	87.96
LTM Dividend per Share	203.32	203.32	203.32
(+) Excess Retained per Share	48.60	72.22	87.96
(=) Adjusted Dividend	251.92	275.54	291.28
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	1.13%	2.13%	3.13%
Fair Value	$4,438.02	$5,936.16	$8,030.92
Upside / Downside	20.11%	60.65%	117.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64,644.88	66,021.78	67,428.01	68,864.19	70,330.96	71,828.98	73,983.85
Payout Ratio	64.57%	69.65%	74.74%	79.83%	84.91%	90.00%	92.50%
Projected Dividends (M)	41,738.86	45,986.22	50,395.58	54,971.91	59,720.33	64,646.08	68,435.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	1.13%	2.13%	3.13%
Year 1 PV (M)	42,608.55	43,029.87	43,451.20
Year 2 PV (M)	43,264.37	44,124.22	44,992.53
Year 3 PV (M)	43,726.80	45,036.82	46,372.74
Year 4 PV (M)	44,014.73	45,781.64	47,601.22
Year 5 PV (M)	44,145.56	46,371.77	48,686.90
PV of Terminal Value (M)	1,207,424.70	1,268,313.72	1,331,634.78
Equity Value (M)	1,425,184.71	1,492,658.04	1,562,739.37
Shares Outstanding (M)	205.29	205.29	205.29
Fair Value	$6,942.37	$7,271.04	$7,612.42
Upside / Downside	87.89%	96.78%	106.02%

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DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Yuanta Securities Korea Co., Ltd. (003470.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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