DDM Analysis: 030610.KS

Valuation Snapshot

Stable Growth	$37,741.11 - $208,731.61	$72,648.64
Multi-Stage	$46,408.75 - $51,019.85	$48,670.33
Blended Fair Value	$60,659.48
Current Price	$9,150.00
Upside	562.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-19.68%	0.00%	36.15	28.93	114.12	190.57	123.66	108.18	92.73	52.23	46.09	30.73
YoY Growth	-	-	24.99%	-74.65%	-40.12%	54.11%	14.30%	16.67%	77.52%	13.33%	50.00%	0.00%
Dividend Yield	-	-	0.62%	0.57%	2.25%	2.49%	1.57%	1.83%	0.97%	0.53%	0.49%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121,581.83
(-) Cash Dividends Paid (M)	8,159.39
(=) Cash Retained (M)	113,422.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24,316.37	15,197.73	9,118.64
Cash Retained (M)	113,422.44	113,422.44	113,422.44
(-) Cash Required (M)	-24,316.37	-15,197.73	-9,118.64
(=) Excess Retained (M)	89,106.08	98,224.71	104,303.80
(/) Shares Outstanding (M)	112.88	112.88	112.88
(=) Excess Retained per Share	789.36	870.13	923.99
LTM Dividend per Share	72.28	72.28	72.28
(+) Excess Retained per Share	789.36	870.13	923.99
(=) Adjusted Dividend	861.64	942.42	996.27
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	2.76%	3.76%	4.76%
Fair Value	$37,741.11	$72,648.64	$208,731.61
Upside / Downside	312.47%	693.97%	2,181.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121,581.83	126,149.39	130,888.54	135,805.73	140,907.65	146,201.23	150,587.27
Payout Ratio	6.71%	23.37%	40.03%	56.68%	73.34%	90.00%	92.50%
Projected Dividends (M)	8,159.39	29,479.63	52,390.25	76,980.68	103,344.77	131,581.11	139,293.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	2.76%	3.76%	4.76%
Year 1 PV (M)	27,778.06	28,048.39	28,318.72
Year 2 PV (M)	46,516.87	47,426.65	48,345.25
Year 3 PV (M)	64,405.31	66,303.99	68,239.63
Year 4 PV (M)	81,472.02	84,690.07	88,002.52
Year 5 PV (M)	97,744.76	102,594.36	107,634.56
PV of Terminal Value (M)	4,920,912.08	5,165,062.72	5,418,809.42
Equity Value (M)	5,238,829.10	5,494,126.18	5,759,350.10
Shares Outstanding (M)	112.88	112.88	112.88
Fair Value	$46,408.75	$48,670.33	$51,019.85
Upside / Downside	407.20%	431.92%	457.59%

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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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Kyobo Securities Co ., Ltd (030610.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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