DDM Analysis: 008040.KS

Valuation Snapshot

Stable Growth	$2,048.20 - $3,411.40	$2,649.32
Multi-Stage	$4,048.83 - $4,458.79	$4,249.81
Blended Fair Value	$3,449.56
Current Price	$1,223.00
Upside	182.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	1.46%	14.98	0.00	0.00	0.00	0.00	0.00	0.00	0.80	2.47	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-67.52%	0.00%	-100.00%
Dividend Yield	-	-	1.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.15%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24,906.03
(-) Cash Dividends Paid (M)	2,818.92
(=) Cash Retained (M)	22,087.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,981.21	3,113.25	1,867.95
Cash Retained (M)	22,087.11	22,087.11	22,087.11
(-) Cash Required (M)	-4,981.21	-3,113.25	-1,867.95
(=) Excess Retained (M)	17,105.90	18,973.86	20,219.16
(/) Shares Outstanding (M)	141.17	141.17	141.17
(=) Excess Retained per Share	121.17	134.40	143.22
LTM Dividend per Share	19.97	19.97	19.97
(+) Excess Retained per Share	121.17	134.40	143.22
(=) Adjusted Dividend	141.14	154.37	163.19
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.54%	0.46%	1.46%
Fair Value	$2,048.20	$2,649.32	$3,411.40
Upside / Downside	67.47%	116.62%	178.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,906.03	25,019.71	25,133.91	25,248.62	25,363.86	25,479.63	26,244.02
Payout Ratio	11.32%	27.05%	42.79%	58.53%	74.26%	90.00%	92.50%
Projected Dividends (M)	2,818.92	6,768.98	10,755.04	14,777.34	18,836.13	22,931.67	24,275.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.54%	0.46%	1.46%
Year 1 PV (M)	6,303.84	6,367.22	6,430.60
Year 2 PV (M)	9,327.72	9,516.24	9,706.64
Year 3 PV (M)	11,935.53	12,299.19	12,670.15
Year 4 PV (M)	14,168.35	14,746.83	15,342.85
Year 5 PV (M)	16,063.68	16,887.65	17,745.10
PV of Terminal Value (M)	513,784.54	540,138.83	567,563.66
Equity Value (M)	571,583.65	599,955.96	629,459.01
Shares Outstanding (M)	141.17	141.17	141.17
Fair Value	$4,048.83	$4,249.81	$4,458.79
Upside / Downside	231.06%	247.49%	264.58%

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Sajodongaone Co.,Ltd (008040.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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