DDM Analysis: 004090.KS

Valuation Snapshot

Stable Growth	$128,603.25 - $202,780.76	$190,035.27
Multi-Stage	$32,646.52 - $35,772.29	$34,180.52
Blended Fair Value	$112,107.90
Current Price	$13,790.00
Upside	712.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.32%	8.37%	114.54	105.00	105.78	76.93	73.37	73.37	100.96	75.83	66.44	51.15
YoY Growth	-	-	9.09%	-0.74%	37.50%	4.85%	0.00%	-27.33%	33.15%	14.13%	29.89%	-0.27%
Dividend Yield	-	-	0.94%	0.84%	1.03%	0.46%	0.55%	1.71%	1.63%	1.52%	1.18%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,025.64
(-) Cash Dividends Paid (M)	1,662.01
(=) Cash Retained (M)	11,363.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,605.13	1,628.20	976.92
Cash Retained (M)	11,363.62	11,363.62	11,363.62
(-) Cash Required (M)	-2,605.13	-1,628.20	-976.92
(=) Excess Retained (M)	8,758.50	9,735.42	10,386.70
(/) Shares Outstanding (M)	12.77	12.77	12.77
(=) Excess Retained per Share	685.61	762.08	813.06
LTM Dividend per Share	130.10	130.10	130.10
(+) Excess Retained per Share	685.61	762.08	813.06
(=) Adjusted Dividend	815.71	892.18	943.17
WACC / Discount Rate	6.17%	6.17%	6.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$128,603.25	$190,035.27	$202,780.76
Upside / Downside	832.58%	1,278.07%	1,370.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,025.64	13,872.30	14,774.00	15,734.31	16,757.04	17,846.25	18,381.64
Payout Ratio	12.76%	28.21%	43.66%	59.10%	74.55%	90.00%	92.50%
Projected Dividends (M)	1,662.01	3,913.05	6,449.70	9,299.58	12,492.70	16,061.63	17,003.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.17%	6.17%	6.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,651.07	3,685.67	3,720.28
Year 2 PV (M)	5,614.98	5,721.93	5,829.89
Year 3 PV (M)	7,553.99	7,770.84	7,991.80
Year 4 PV (M)	9,468.34	9,832.47	10,207.00
Year 5 PV (M)	11,358.26	11,906.86	12,476.47
PV of Terminal Value (M)	379,404.46	397,729.84	416,756.57
Equity Value (M)	417,051.10	436,647.61	456,982.00
Shares Outstanding (M)	12.77	12.77	12.77
Fair Value	$32,646.52	$34,180.52	$35,772.29
Upside / Downside	136.74%	147.86%	159.41%

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Korea Petroleum Industries Company (004090.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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