DDM Analysis: 155660.KS

Valuation Snapshot

Stable Growth	$20,711.81 - $57,834.22	$32,168.28
Multi-Stage	$23,365.40 - $25,655.06	$24,488.58
Blended Fair Value	$28,328.43
Current Price	$3,745.00
Upside	656.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	12.78%	61.05	61.05	50.88	50.88	50.88	50.88	50.88	50.88	50.88	30.53
YoY Growth	-	-	0.00%	20.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	66.67%	66.47%
Dividend Yield	-	-	1.68%	1.45%	0.97%	0.77%	0.90%	1.72%	1.08%	0.91%	0.31%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,695.76
(-) Cash Dividends Paid (M)	1,602.83
(=) Cash Retained (M)	12,092.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,739.15	1,711.97	1,027.18
Cash Retained (M)	12,092.94	12,092.94	12,092.94
(-) Cash Required (M)	-2,739.15	-1,711.97	-1,027.18
(=) Excess Retained (M)	9,353.78	10,380.97	11,065.75
(/) Shares Outstanding (M)	15.72	15.72	15.72
(=) Excess Retained per Share	594.87	660.20	703.75
LTM Dividend per Share	101.94	101.94	101.94
(+) Excess Retained per Share	594.87	660.20	703.75
(=) Adjusted Dividend	696.81	762.13	805.69
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	2.87%	3.87%	4.87%
Fair Value	$20,711.81	$32,168.28	$57,834.22
Upside / Downside	453.05%	758.97%	1,444.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,695.76	14,226.32	14,777.43	15,349.89	15,944.53	16,562.20	17,059.07
Payout Ratio	11.70%	27.36%	43.02%	58.68%	74.34%	90.00%	92.50%
Projected Dividends (M)	1,602.83	3,892.67	6,357.52	9,007.50	11,853.26	14,905.98	15,779.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	2.87%	3.87%	4.87%
Year 1 PV (M)	3,625.52	3,660.77	3,696.01
Year 2 PV (M)	5,514.85	5,622.59	5,731.37
Year 3 PV (M)	7,277.36	7,491.65	7,710.10
Year 4 PV (M)	8,919.28	9,271.18	9,633.38
Year 5 PV (M)	10,446.62	10,964.32	11,502.36
PV of Terminal Value (M)	331,613.60	348,047.49	365,126.55
Equity Value (M)	367,397.23	385,057.99	403,399.77
Shares Outstanding (M)	15.72	15.72	15.72
Fair Value	$23,365.40	$24,488.58	$25,655.06
Upside / Downside	523.91%	553.90%	585.05%

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DSR Corp (155660.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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