DDM Analysis: 001460.KS

Valuation Snapshot

Stable Growth	$31,243.17 - $56,279.20	$41,718.04
Multi-Stage	$171,657.90 - $189,827.44	$180,559.08
Blended Fair Value	$111,138.56
Current Price	$38,600.00
Upside	187.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.36%	14.73%	302.64	302.64	151.96	111.77	111.77	101.73	86.66	81.64	82.78	81.63
YoY Growth	-	-	0.00%	99.15%	35.96%	0.00%	9.88%	17.39%	6.15%	-1.39%	1.41%	6.56%
Dividend Yield	-	-	1.13%	0.62%	0.35%	0.25%	0.32%	0.54%	0.35%	0.28%	0.22%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,316.84
(-) Cash Dividends Paid (M)	2,919.59
(=) Cash Retained (M)	16,397.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,863.37	2,414.61	1,448.76
Cash Retained (M)	16,397.25	16,397.25	16,397.25
(-) Cash Required (M)	-3,863.37	-2,414.61	-1,448.76
(=) Excess Retained (M)	12,533.88	13,982.64	14,948.49
(/) Shares Outstanding (M)	8.31	8.31	8.31
(=) Excess Retained per Share	1,509.15	1,683.59	1,799.88
LTM Dividend per Share	351.54	351.54	351.54
(+) Excess Retained per Share	1,509.15	1,683.59	1,799.88
(=) Adjusted Dividend	1,860.69	2,035.13	2,151.42
WACC / Discount Rate	3.16%	3.16%	3.16%
Growth Rate	-2.64%	-1.64%	-0.64%
Fair Value	$31,243.17	$41,718.04	$56,279.20
Upside / Downside	-19.06%	8.08%	45.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,316.84	19,000.23	18,688.81	18,382.49	18,081.19	17,784.84	18,318.38
Payout Ratio	15.11%	30.09%	45.07%	60.05%	75.02%	90.00%	92.50%
Projected Dividends (M)	2,919.59	5,717.43	8,422.77	11,037.89	13,565.03	16,006.35	16,944.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.16%	3.16%	3.16%
Growth Rate	-2.64%	-1.64%	-0.64%
Year 1 PV (M)	5,485.99	5,542.33	5,598.68
Year 2 PV (M)	7,754.66	7,914.77	8,076.52
Year 3 PV (M)	9,750.96	10,054.52	10,364.31
Year 4 PV (M)	11,498.35	11,978.08	12,472.67
Year 5 PV (M)	13,018.50	13,700.95	14,411.72
PV of Terminal Value (M)	1,378,153.33	1,450,397.68	1,525,640.46
Equity Value (M)	1,425,661.79	1,499,588.33	1,576,564.35
Shares Outstanding (M)	8.31	8.31	8.31
Fair Value	$171,657.90	$180,559.08	$189,827.44
Upside / Downside	344.71%	367.77%	391.78%

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BYC Co., Ltd. (001460.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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