DDM Analysis: 006090.KS

Valuation Snapshot

Stable Growth	$10,798.90 - $32,528.82	$17,143.56
Multi-Stage	$11,982.05 - $13,139.56	$12,549.93
Blended Fair Value	$14,846.74
Current Price	$9,900.00
Upside	49.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.95%	0.00%	200.06	120.05	200.06	150.05	100.03	50.02	120.04	100.04	0.00	0.00
YoY Growth	-	-	66.65%	-39.99%	33.33%	50.00%	99.99%	-58.33%	20.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.48%	1.39%	2.54%	1.41%	0.92%	0.84%	1.35%	0.77%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,055.05
(-) Cash Dividends Paid (M)	1,770.70
(=) Cash Retained (M)	2,284.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	811.01	506.88	304.13
Cash Retained (M)	2,284.35	2,284.35	2,284.35
(-) Cash Required (M)	-811.01	-506.88	-304.13
(=) Excess Retained (M)	1,473.34	1,777.47	1,980.22
(/) Shares Outstanding (M)	9.42	9.42	9.42
(=) Excess Retained per Share	156.42	188.71	210.23
LTM Dividend per Share	187.99	187.99	187.99
(+) Excess Retained per Share	156.42	188.71	210.23
(=) Adjusted Dividend	344.41	376.69	398.22
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.02%	4.02%	5.02%
Fair Value	$10,798.90	$17,143.56	$32,528.82
Upside / Downside	9.08%	73.17%	228.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,055.05	4,218.23	4,387.97	4,564.55	4,748.24	4,939.31	5,087.49
Payout Ratio	43.67%	52.93%	62.20%	71.47%	80.73%	90.00%	92.50%
Projected Dividends (M)	1,770.70	2,232.84	2,729.31	3,262.13	3,833.41	4,445.38	4,705.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.02%	4.02%	5.02%
Year 1 PV (M)	2,080.12	2,100.31	2,120.51
Year 2 PV (M)	2,368.73	2,414.94	2,461.59
Year 3 PV (M)	2,637.52	2,715.07	2,794.12
Year 4 PV (M)	2,887.42	3,001.17	3,118.25
Year 5 PV (M)	3,119.36	3,273.72	3,434.13
PV of Terminal Value (M)	99,768.77	104,705.70	109,836.15
Equity Value (M)	112,861.93	118,210.91	123,764.75
Shares Outstanding (M)	9.42	9.42	9.42
Fair Value	$11,982.05	$12,549.93	$13,139.56
Upside / Downside	21.03%	26.77%	32.72%

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DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Oyang Corporation (006090.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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