DDM Analysis: 000860.KS

Valuation Snapshot

Stable Growth	$21,059.17 - $89,822.59	$51,966.78
Multi-Stage	$13,133.54 - $14,370.79	$13,740.76
Blended Fair Value	$32,853.77
Current Price	$12,100.00
Upside	171.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.22%	2.14%	278.45	264.37	263.75	263.75	250.34	275.37	275.37	250.33	250.34	250.34
YoY Growth	-	-	5.33%	0.23%	0.00%	5.36%	-9.09%	0.00%	10.00%	0.00%	0.00%	11.12%
Dividend Yield	-	-	1.23%	1.08%	1.23%	1.02%	0.82%	0.97%	1.01%	0.77%	0.70%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,908.78
(-) Cash Dividends Paid (M)	3,797.82
(=) Cash Retained (M)	2,110.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,181.76	738.60	443.16
Cash Retained (M)	2,110.96	2,110.96	2,110.96
(-) Cash Required (M)	-1,181.76	-738.60	-443.16
(=) Excess Retained (M)	929.21	1,372.37	1,667.80
(/) Shares Outstanding (M)	12.98	12.98	12.98
(=) Excess Retained per Share	71.57	105.71	128.47
LTM Dividend per Share	292.54	292.54	292.54
(+) Excess Retained per Share	71.57	105.71	128.47
(=) Adjusted Dividend	364.11	398.24	421.00
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	4.68%	5.68%	6.68%
Fair Value	$21,059.17	$51,966.78	$89,822.59
Upside / Downside	74.04%	329.48%	642.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,908.78	6,244.24	6,598.74	6,973.37	7,369.26	7,787.63	8,021.26
Payout Ratio	64.27%	69.42%	74.56%	79.71%	84.85%	90.00%	92.50%
Projected Dividends (M)	3,797.82	4,334.71	4,920.31	5,558.45	6,253.17	7,008.87	7,419.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	4.68%	5.68%	6.68%
Year 1 PV (M)	4,032.12	4,070.64	4,109.16
Year 2 PV (M)	4,257.36	4,339.09	4,421.60
Year 3 PV (M)	4,473.78	4,603.23	4,735.14
Year 4 PV (M)	4,681.61	4,863.09	5,049.79
Year 5 PV (M)	4,881.09	5,118.74	5,365.55
PV of Terminal Value (M)	148,179.22	155,393.66	162,886.40
Equity Value (M)	170,505.18	178,388.44	186,567.65
Shares Outstanding (M)	12.98	12.98	12.98
Fair Value	$13,133.54	$13,740.76	$14,370.79
Upside / Downside	8.54%	13.56%	18.77%

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Kangnam Jevisco Co., Ltd (000860.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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