DDM Analysis: 005430.KS

Valuation Snapshot

Stable Growth	$180,286.35 - $334,994.63	$243,654.77
Multi-Stage	$245,183.52 - $269,356.13	$257,039.36
Blended Fair Value	$250,347.07
Current Price	$52,200.00
Upside	379.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	7.17%	999.96	0.00	0.00	0.00	999.94	999.94	499.95	499.94	500.05	499.95
YoY Growth	-	-	0.00%	0.00%	-100.00%	-100.00%	0.00%	100.01%	0.00%	-0.02%	0.02%	-0.04%
Dividend Yield	-	-	2.09%	0.00%	0.00%	0.00%	2.44%	3.91%	1.10%	1.06%	1.25%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37,102.52
(-) Cash Dividends Paid (M)	3,057.87
(=) Cash Retained (M)	34,044.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,420.50	4,637.82	2,782.69
Cash Retained (M)	34,044.65	34,044.65	34,044.65
(-) Cash Required (M)	-7,420.50	-4,637.82	-2,782.69
(=) Excess Retained (M)	26,624.15	29,406.84	31,261.96
(/) Shares Outstanding (M)	3.06	3.06	3.06
(=) Excess Retained per Share	8,706.39	9,616.36	10,223.01
LTM Dividend per Share	999.96	999.96	999.96
(+) Excess Retained per Share	8,706.39	9,616.36	10,223.01
(=) Adjusted Dividend	9,706.35	10,616.32	11,222.97
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	1.64%	2.64%	3.64%
Fair Value	$180,286.35	$243,654.77	$334,994.63
Upside / Downside	245.38%	366.77%	541.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37,102.52	38,081.90	39,087.14	40,118.91	41,177.92	42,264.88	43,532.83
Payout Ratio	8.24%	24.59%	40.95%	57.30%	73.65%	90.00%	92.50%
Projected Dividends (M)	3,057.87	9,365.61	16,004.23	22,986.80	30,326.85	38,038.40	40,267.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	1.64%	2.64%	3.64%
Year 1 PV (M)	8,658.58	8,743.77	8,828.96
Year 2 PV (M)	13,679.06	13,949.55	14,222.69
Year 3 PV (M)	18,163.96	18,705.38	19,257.46
Year 4 PV (M)	22,154.91	23,039.77	23,950.86
Year 5 PV (M)	25,690.68	26,979.61	28,319.75
PV of Terminal Value (M)	661,424.02	694,608.30	729,111.31
Equity Value (M)	749,771.22	786,026.37	823,691.04
Shares Outstanding (M)	3.06	3.06	3.06
Fair Value	$245,183.52	$257,039.36	$269,356.13
Upside / Downside	369.70%	392.41%	416.01%

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Korea Airport Service Co.,Ltd. (005430.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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