DDM Analysis: 000400.KS

Valuation Snapshot

Stable Growth	$1,217.19 - $1,910.70	$1,535.60
Multi-Stage	$2,900.88 - $3,200.00	$3,047.47
Blended Fair Value	$2,291.54
Current Price	$1,963.00
Upside	16.74%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.56%	0.00%	10.08	10.08	10.08	8.83	8.88	8.88	8.57	4.29	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	14.19%	-0.61%	0.00%	3.57%	100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.57%	0.32%	0.68%	0.46%	0.48%	0.68%	0.31%	0.13%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38,800.22
(-) Cash Dividends Paid (M)	3,128.00
(=) Cash Retained (M)	35,672.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,760.04	4,850.03	2,910.02
Cash Retained (M)	35,672.22	35,672.22	35,672.22
(-) Cash Required (M)	-7,760.04	-4,850.03	-2,910.02
(=) Excess Retained (M)	27,912.18	30,822.19	32,762.20
(/) Shares Outstanding (M)	310.39	310.39	310.39
(=) Excess Retained per Share	89.93	99.30	105.55
LTM Dividend per Share	10.08	10.08	10.08
(+) Excess Retained per Share	89.93	99.30	105.55
(=) Adjusted Dividend	100.01	109.38	115.63
WACC / Discount Rate	6.05%	6.05%	6.05%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,217.19	$1,535.60	$1,910.70
Upside / Downside	-37.99%	-21.77%	-2.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38,800.22	38,412.22	38,028.10	37,647.81	37,271.34	36,898.62	38,005.58
Payout Ratio	8.06%	24.45%	40.84%	57.22%	73.61%	90.00%	92.50%
Projected Dividends (M)	3,128.00	9,391.58	15,529.57	21,543.86	27,436.31	33,208.76	35,155.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.05%	6.05%	6.05%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8,766.20	8,855.65	8,945.10
Year 2 PV (M)	13,530.24	13,807.77	14,088.13
Year 3 PV (M)	17,520.35	18,062.17	18,615.06
Year 4 PV (M)	20,826.58	21,689.74	22,579.47
Year 5 PV (M)	23,529.79	24,755.04	26,030.80
PV of Terminal Value (M)	816,217.93	858,720.29	902,975.05
Equity Value (M)	900,391.08	945,890.67	993,233.61
Shares Outstanding (M)	310.39	310.39	310.39
Fair Value	$2,900.88	$3,047.47	$3,200.00
Upside / Downside	47.78%	55.25%	63.02%

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Lotte Non - Life Insurance Co., Ltd. (000400.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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