DDM Analysis: 033920.KS

Valuation Snapshot

Stable Growth	$17,181.70 - $26,751.22	$21,600.14
Multi-Stage	$39,638.53 - $43,691.21	$41,624.79
Blended Fair Value	$31,612.47
Current Price	$7,770.00
Upside	306.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.73%	0.00%	619.80	229.93	252.09	153.92	0.00	372.35	372.35	369.70	259.85	0.00
YoY Growth	-	-	169.57%	-8.79%	63.79%	0.00%	-100.00%	0.00%	0.71%	42.28%	0.00%	0.00%
Dividend Yield	-	-	9.61%	4.52%	4.71%	1.52%	0.00%	7.69%	2.84%	2.12%	1.12%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47,946.20
(-) Cash Dividends Paid (M)	10,329.88
(=) Cash Retained (M)	37,616.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,589.24	5,993.27	3,595.96
Cash Retained (M)	37,616.32	37,616.32	37,616.32
(-) Cash Required (M)	-9,589.24	-5,993.27	-3,595.96
(=) Excess Retained (M)	28,027.08	31,623.04	34,020.35
(/) Shares Outstanding (M)	26.50	26.50	26.50
(=) Excess Retained per Share	1,057.82	1,193.54	1,284.02
LTM Dividend per Share	389.88	389.88	389.88
(+) Excess Retained per Share	1,057.82	1,193.54	1,284.02
(=) Adjusted Dividend	1,447.69	1,583.41	1,673.89
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$17,181.70	$21,600.14	$26,751.22
Upside / Downside	121.13%	177.99%	244.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47,946.20	47,466.74	46,992.07	46,522.15	46,056.93	45,596.36	46,964.25
Payout Ratio	21.54%	35.24%	48.93%	62.62%	76.31%	90.00%	92.50%
Projected Dividends (M)	10,329.88	16,725.28	22,991.73	29,131.19	35,145.55	41,036.72	43,441.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15,581.37	15,740.36	15,899.35
Year 2 PV (M)	19,954.29	20,363.60	20,777.06
Year 3 PV (M)	23,553.47	24,281.88	25,025.15
Year 4 PV (M)	26,472.77	27,569.95	28,700.87
Year 5 PV (M)	28,796.12	30,295.60	31,856.90
PV of Terminal Value (M)	935,874.68	984,607.84	1,035,350.31
Equity Value (M)	1,050,232.70	1,102,859.23	1,157,609.66
Shares Outstanding (M)	26.50	26.50	26.50
Fair Value	$39,638.53	$41,624.79	$43,691.21
Upside / Downside	410.15%	435.71%	462.31%

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Muhak Co., Ltd. (033920.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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