DDM Analysis: 090430.KS

Valuation Snapshot

Stable Growth	$17,254.15 - $25,199.00	$21,090.45
Multi-Stage	$30,728.94 - $33,707.10	$32,189.33
Blended Fair Value	$26,639.89
Current Price	$122,300.00
Upside	-78.22%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.97%	3.32%	914.35	681.60	987.34	794.45	992.88	1,179.59	1,279.48	1,579.18	1,369.97	907.92
YoY Growth	-	-	34.15%	-30.97%	24.28%	-19.99%	-15.83%	-7.81%	-18.98%	15.27%	50.89%	37.65%
Dividend Yield	-	-	0.90%	0.53%	0.72%	0.50%	0.38%	0.70%	0.66%	0.50%	0.49%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	158,065.02
(-) Cash Dividends Paid (M)	92,271.01
(=) Cash Retained (M)	65,794.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31,613.00	19,758.13	11,854.88
Cash Retained (M)	65,794.00	65,794.00	65,794.00
(-) Cash Required (M)	-31,613.00	-19,758.13	-11,854.88
(=) Excess Retained (M)	34,181.00	46,035.88	53,939.13
(/) Shares Outstanding (M)	69.02	69.02	69.02
(=) Excess Retained per Share	495.22	666.98	781.48
LTM Dividend per Share	1,336.84	1,336.84	1,336.84
(+) Excess Retained per Share	495.22	666.98	781.48
(=) Adjusted Dividend	1,832.07	2,003.82	2,118.33
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	-1.97%	-0.97%	0.03%
Fair Value	$17,254.15	$21,090.45	$25,199.00
Upside / Downside	-85.89%	-82.76%	-79.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	158,065.02	156,529.61	155,009.12	153,503.40	152,012.30	150,535.69	155,051.76
Payout Ratio	58.38%	64.70%	71.03%	77.35%	83.68%	90.00%	92.50%
Projected Dividends (M)	92,271.01	101,275.10	110,095.55	118,735.09	127,196.40	135,482.12	143,422.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	-1.97%	-0.97%	0.03%
Year 1 PV (M)	92,451.86	93,394.97	94,338.08
Year 2 PV (M)	91,747.81	93,629.22	95,529.72
Year 3 PV (M)	90,327.08	93,119.69	95,969.26
Year 4 PV (M)	88,333.75	91,993.69	95,766.19
Year 5 PV (M)	85,890.83	90,362.03	95,017.53
PV of Terminal Value (M)	1,672,206.54	1,759,256.27	1,849,894.06
Equity Value (M)	2,120,957.87	2,221,755.86	2,326,514.84
Shares Outstanding (M)	69.02	69.02	69.02
Fair Value	$30,728.94	$32,189.33	$33,707.10
Upside / Downside	-74.87%	-73.68%	-72.44%

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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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Amorepacific Corporation (090430.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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