DDM Analysis: 105560.KS

Valuation Snapshot

Stable Growth	$859,429.22 - $3,107,447.47	$2,724,363.27
Multi-Stage	$390,196.85 - $427,102.90	$408,311.04
Blended Fair Value	$1,566,337.15
Current Price	$115,500.00
Upside	1,256.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.18%	22.64%	4,002.68	3,100.71	3,870.17	2,643.04	2,317.91	2,062.61	2,063.90	1,340.44	1,019.19	811.19
YoY Growth	-	-	29.09%	-19.88%	46.43%	14.03%	12.38%	-0.06%	53.97%	31.52%	25.64%	56.00%
Dividend Yield	-	-	5.07%	4.53%	8.12%	4.31%	4.12%	5.97%	4.69%	2.21%	2.08%	2.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,804,665.00
(-) Cash Dividends Paid (M)	1,316,794.00
(=) Cash Retained (M)	4,487,871.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,160,933.00	725,583.13	435,349.88
Cash Retained (M)	4,487,871.00	4,487,871.00	4,487,871.00
(-) Cash Required (M)	-1,160,933.00	-725,583.13	-435,349.88
(=) Excess Retained (M)	3,326,938.00	3,762,287.88	4,052,521.13
(/) Shares Outstanding (M)	371.50	371.50	371.50
(=) Excess Retained per Share	8,955.53	10,127.41	10,908.67
LTM Dividend per Share	3,544.58	3,544.58	3,544.58
(+) Excess Retained per Share	8,955.53	10,127.41	10,908.67
(=) Adjusted Dividend	12,500.10	13,671.99	14,453.24
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$859,429.22	$2,724,363.27	$3,107,447.47
Upside / Downside	644.09%	2,258.76%	2,590.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,804,665.00	6,181,968.23	6,583,796.16	7,011,742.91	7,467,506.20	7,952,894.10	8,191,480.93
Payout Ratio	22.69%	36.15%	49.61%	63.07%	76.54%	90.00%	92.50%
Projected Dividends (M)	1,316,794.00	2,234,662.77	3,266,291.02	4,422,589.50	5,715,406.70	7,157,604.69	7,577,119.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,068,193.73	2,087,797.46	2,107,401.20
Year 2 PV (M)	2,797,778.48	2,851,068.30	2,904,860.86
Year 3 PV (M)	3,506,019.31	3,606,664.52	3,709,217.65
Year 4 PV (M)	4,193,378.23	4,354,643.73	4,520,516.46
Year 5 PV (M)	4,860,308.44	5,095,063.15	5,338,802.48
PV of Terminal Value (M)	127,530,695.12	133,690,475.38	140,086,004.93
Equity Value (M)	144,956,373.31	151,685,712.55	158,666,803.57
Shares Outstanding (M)	371.50	371.50	371.50
Fair Value	$390,196.85	$408,311.04	$427,102.90
Upside / Downside	237.83%	253.52%	269.79%

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KB Financial Group Inc. (105560.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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