DDM Analysis: 004140.KS

Valuation Snapshot

Stable Growth	$5,617.28 - $13,661.41	$8,356.45
Multi-Stage	$4,423.32 - $4,842.96	$4,629.27
Blended Fair Value	$6,492.86
Current Price	$2,795.00
Upside	132.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.30%	-3.99%	20.03	0.00	0.00	0.00	1.80	6.23	12.83	9.26	8.38	12.76
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-71.19%	-51.43%	38.47%	10.57%	-34.35%	-57.58%
Dividend Yield	-	-	0.96%	0.00%	0.00%	0.00%	0.03%	0.37%	0.73%	0.58%	0.44%	0.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,430.75
(-) Cash Dividends Paid (M)	955.90
(=) Cash Retained (M)	11,474.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,486.15	1,553.84	932.31
Cash Retained (M)	11,474.85	11,474.85	11,474.85
(-) Cash Required (M)	-2,486.15	-1,553.84	-932.31
(=) Excess Retained (M)	8,988.70	9,921.01	10,542.55
(/) Shares Outstanding (M)	47.73	47.73	47.73
(=) Excess Retained per Share	188.32	207.85	220.87
LTM Dividend per Share	20.03	20.03	20.03
(+) Excess Retained per Share	188.32	207.85	220.87
(=) Adjusted Dividend	208.35	227.88	240.90
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	4.61%	5.61%	6.61%
Fair Value	$5,617.28	$8,356.45	$13,661.41
Upside / Downside	100.98%	198.98%	388.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,430.75	13,127.60	13,863.52	14,640.69	15,461.42	16,328.17	16,818.01
Payout Ratio	7.69%	24.15%	40.61%	57.08%	73.54%	90.00%	92.50%
Projected Dividends (M)	955.90	3,170.55	5,630.51	8,356.30	11,370.01	14,695.35	15,556.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	4.61%	5.61%	6.61%
Year 1 PV (M)	2,894.88	2,922.55	2,950.23
Year 2 PV (M)	4,693.95	4,784.13	4,875.16
Year 3 PV (M)	6,360.64	6,544.80	6,732.49
Year 4 PV (M)	7,902.11	8,208.63	8,523.99
Year 5 PV (M)	9,325.18	9,779.52	10,251.39
PV of Terminal Value (M)	179,953.89	188,721.44	197,827.45
Equity Value (M)	211,130.64	220,961.08	231,160.71
Shares Outstanding (M)	47.73	47.73	47.73
Fair Value	$4,423.32	$4,629.27	$4,842.96
Upside / Downside	58.26%	65.63%	73.27%

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Dongbang Transport Logistics Co., Ltd. (004140.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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