DDM Analysis: 043150.KQ

Valuation Snapshot

Stable Growth	$65,910.87 - $146,781.01	$95,188.49
Multi-Stage	$48,091.04 - $52,607.70	$50,308.12
Blended Fair Value	$72,748.30
Current Price	$22,150.00
Upside	228.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.51%	3.83%	143.65	100.01	100.01	100.01	100.01	100.01	100.01	100.01	100.01	100.01
YoY Growth	-	-	43.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.36%
Dividend Yield	-	-	0.71%	0.32%	0.31%	0.25%	0.33%	0.46%	0.40%	0.25%	0.36%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49,389.18
(-) Cash Dividends Paid (M)	1,485.43
(=) Cash Retained (M)	47,903.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,877.84	6,173.65	3,704.19
Cash Retained (M)	47,903.75	47,903.75	47,903.75
(-) Cash Required (M)	-9,877.84	-6,173.65	-3,704.19
(=) Excess Retained (M)	38,025.92	41,730.10	44,199.56
(/) Shares Outstanding (M)	14.85	14.85	14.85
(=) Excess Retained per Share	2,560.06	2,809.45	2,975.70
LTM Dividend per Share	100.01	100.01	100.01
(+) Excess Retained per Share	2,560.06	2,809.45	2,975.70
(=) Adjusted Dividend	2,660.07	2,909.45	3,075.71
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	5.23%	6.23%	7.23%
Fair Value	$65,910.87	$95,188.49	$146,781.01
Upside / Downside	197.57%	329.74%	562.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49,389.18	52,466.23	55,734.99	59,207.40	62,896.15	66,814.72	68,819.16
Payout Ratio	3.01%	20.41%	37.80%	55.20%	72.60%	90.00%	92.50%
Projected Dividends (M)	1,485.43	10,706.30	21,070.37	32,684.28	45,663.56	60,133.25	63,657.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	5.23%	6.23%	7.23%
Year 1 PV (M)	9,687.42	9,779.48	9,871.54
Year 2 PV (M)	17,250.82	17,580.25	17,912.79
Year 3 PV (M)	24,212.83	24,909.69	25,619.80
Year 4 PV (M)	30,608.73	31,788.91	33,002.90
Year 5 PV (M)	36,471.95	38,238.16	40,072.15
PV of Terminal Value (M)	596,088.57	624,955.09	654,929.25
Equity Value (M)	714,320.33	747,251.59	781,408.44
Shares Outstanding (M)	14.85	14.85	14.85
Fair Value	$48,091.04	$50,308.12	$52,607.70
Upside / Downside	117.12%	127.12%	137.51%

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Value Added Technology Co., Ltd. (043150.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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