DDM Analysis: 002450.KS

Valuation Snapshot

Stable Growth	$2,298.76 - $3,457.50	$2,846.78
Multi-Stage	$5,118.47 - $5,643.17	$5,375.61
Blended Fair Value	$4,111.20
Current Price	$1,261.00
Upside	226.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.61%	2.15%	53.04	53.04	54.29	54.68	54.68	54.68	55.99	51.62	51.63	51.62
YoY Growth	-	-	0.00%	-2.31%	-0.70%	0.00%	0.00%	-2.34%	8.45%	-0.01%	0.01%	20.34%
Dividend Yield	-	-	4.70%	4.15%	4.39%	3.06%	3.40%	4.27%	2.84%	2.40%	2.23%	1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,917.17
(-) Cash Dividends Paid (M)	3,801.37
(=) Cash Retained (M)	17,115.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,183.43	2,614.65	1,568.79
Cash Retained (M)	17,115.80	17,115.80	17,115.80
(-) Cash Required (M)	-4,183.43	-2,614.65	-1,568.79
(=) Excess Retained (M)	12,932.36	14,501.15	15,547.01
(/) Shares Outstanding (M)	76.38	76.38	76.38
(=) Excess Retained per Share	169.32	189.85	203.55
LTM Dividend per Share	49.77	49.77	49.77
(+) Excess Retained per Share	169.32	189.85	203.55
(=) Adjusted Dividend	219.08	239.62	253.32
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.61%	-1.61%	-0.61%
Fair Value	$2,298.76	$2,846.78	$3,457.50
Upside / Downside	82.30%	125.76%	174.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,917.17	20,581.26	20,250.74	19,925.53	19,605.55	19,290.70	19,869.43
Payout Ratio	18.17%	32.54%	46.90%	61.27%	75.63%	90.00%	92.50%
Projected Dividends (M)	3,801.37	6,696.89	9,498.42	12,208.25	14,828.60	17,361.63	18,379.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.61%	-1.61%	-0.61%
Year 1 PV (M)	6,213.96	6,277.76	6,341.57
Year 2 PV (M)	8,177.92	8,346.72	8,517.24
Year 3 PV (M)	9,753.05	10,056.57	10,366.32
Year 4 PV (M)	10,992.16	11,450.61	11,923.25
Year 5 PV (M)	11,941.78	12,567.57	13,219.31
PV of Terminal Value (M)	343,871.50	361,891.37	380,658.88
Equity Value (M)	390,950.37	410,590.59	431,026.56
Shares Outstanding (M)	76.38	76.38	76.38
Fair Value	$5,118.47	$5,375.61	$5,643.17
Upside / Downside	305.91%	326.30%	347.52%

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SAMICK MUSICAL INSTRUMENT Co., Ltd (002450.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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