DDM Analysis: 091700.KQ

Valuation Snapshot

Stable Growth	$8,479.91 - $16,194.81	$11,582.16
Multi-Stage	$12,750.20 - $13,988.59	$13,357.64
Blended Fair Value	$12,469.90
Current Price	$6,370.00
Upside	95.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.98%	-1.97%	246.99	302.76	361.46	235.98	333.53	203.19	212.89	240.60	243.80	248.83
YoY Growth	-	-	-18.42%	-16.24%	53.17%	-29.25%	64.15%	-4.56%	-11.52%	-1.31%	-2.02%	-17.47%
Dividend Yield	-	-	3.69%	3.78%	4.38%	2.17%	3.12%	2.66%	1.58%	2.77%	2.12%	2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29,275.89
(-) Cash Dividends Paid (M)	15,139.51
(=) Cash Retained (M)	14,136.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,855.18	3,659.49	2,195.69
Cash Retained (M)	14,136.39	14,136.39	14,136.39
(-) Cash Required (M)	-5,855.18	-3,659.49	-2,195.69
(=) Excess Retained (M)	8,281.21	10,476.90	11,940.69
(/) Shares Outstanding (M)	53.61	53.61	53.61
(=) Excess Retained per Share	154.49	195.45	222.75
LTM Dividend per Share	282.43	282.43	282.43
(+) Excess Retained per Share	154.49	195.45	222.75
(=) Adjusted Dividend	436.91	477.87	505.18
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	1.45%	2.45%	3.45%
Fair Value	$8,479.91	$11,582.16	$16,194.81
Upside / Downside	33.12%	81.82%	154.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29,275.89	29,992.95	30,727.57	31,480.18	32,251.23	33,041.16	34,032.39
Payout Ratio	51.71%	59.37%	67.03%	74.69%	82.34%	90.00%	92.50%
Projected Dividends (M)	15,139.51	17,806.98	20,596.05	23,511.06	26,556.51	29,737.04	31,479.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	1.45%	2.45%	3.45%
Year 1 PV (M)	16,529.61	16,692.54	16,855.48
Year 2 PV (M)	17,747.14	18,098.73	18,453.78
Year 3 PV (M)	18,805.67	19,367.28	19,939.96
Year 4 PV (M)	19,717.86	20,506.87	21,319.34
Year 5 PV (M)	20,495.50	21,525.75	22,597.02
PV of Terminal Value (M)	590,181.64	619,848.28	650,696.09
Equity Value (M)	683,477.42	716,039.46	749,861.67
Shares Outstanding (M)	53.61	53.61	53.61
Fair Value	$12,750.20	$13,357.64	$13,988.59
Upside / Downside	100.16%	109.70%	119.60%

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Partron Co., Ltd. (091700.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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