DDM Analysis: 003540.KS

Valuation Snapshot

Stable Growth	$187,050.37 - $604,039.03	$566,073.03
Multi-Stage	$80,538.49 - $88,096.08	$84,248.11
Blended Fair Value	$325,160.57
Current Price	$26,400.00
Upside	1,131.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.72%	17.82%	1,087.48	1,061.40	1,251.23	1,065.97	908.89	597.62	585.90	527.56	478.59	254.51
YoY Growth	-	-	2.46%	-15.17%	17.38%	17.28%	52.08%	2.00%	11.06%	10.23%	88.04%	20.67%
Dividend Yield	-	-	6.70%	6.84%	9.78%	5.99%	5.59%	6.98%	5.21%	3.91%	4.02%	2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	229,187.06
(-) Cash Dividends Paid (M)	101,540.61
(=) Cash Retained (M)	127,646.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45,837.41	28,648.38	17,189.03
Cash Retained (M)	127,646.45	127,646.45	127,646.45
(-) Cash Required (M)	-45,837.41	-28,648.38	-17,189.03
(=) Excess Retained (M)	81,809.04	98,998.07	110,457.42
(/) Shares Outstanding (M)	75.46	75.46	75.46
(=) Excess Retained per Share	1,084.17	1,311.96	1,463.83
LTM Dividend per Share	1,345.66	1,345.66	1,345.66
(+) Excess Retained per Share	1,084.17	1,311.96	1,463.83
(=) Adjusted Dividend	2,429.82	2,657.62	2,809.48
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$187,050.37	$566,073.03	$604,039.03
Upside / Downside	608.52%	2,044.22%	2,188.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	229,187.06	244,084.22	259,949.70	276,846.43	294,841.44	314,006.14	323,426.32
Payout Ratio	44.30%	53.44%	62.58%	71.72%	80.86%	90.00%	92.50%
Projected Dividends (M)	101,540.61	130,447.76	162,683.83	198,559.45	238,411.56	282,605.52	299,169.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	120,915.44	122,061.56	123,207.68
Year 2 PV (M)	139,776.67	142,439.02	145,126.49
Year 3 PV (M)	158,134.27	162,673.73	167,299.25
Year 4 PV (M)	175,998.06	182,766.45	189,728.20
Year 5 PV (M)	193,377.69	202,717.90	212,415.59
PV of Terminal Value (M)	5,289,071.11	5,544,535.22	5,809,776.55
Equity Value (M)	6,077,273.23	6,357,193.89	6,647,553.76
Shares Outstanding (M)	75.46	75.46	75.46
Fair Value	$80,538.49	$84,248.11	$88,096.08
Upside / Downside	205.07%	219.12%	233.70%

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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%
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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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Daishin Securities Co., Ltd. (003540.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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