DDM Analysis: 015230.KS

Valuation Snapshot

Stable Growth	$211,978.89 - $249,747.05	$234,049.56
Multi-Stage	$177,566.72 - $194,916.45	$186,079.42
Blended Fair Value	$210,064.49
Current Price	$6,100.00
Upside	3,343.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.53%	8.83%	184.73	205.26	149.65	97.12	118.60	78.95	91.13	103.02	103.02	160.01
YoY Growth	-	-	-10.00%	37.15%	54.09%	-18.11%	50.22%	-13.36%	-11.54%	0.00%	-35.62%	101.92%
Dividend Yield	-	-	3.91%	3.72%	2.28%	2.13%	2.86%	4.11%	3.30%	3.04%	2.79%	5.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31,691.98
(-) Cash Dividends Paid (M)	4,034.06
(=) Cash Retained (M)	27,657.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,338.40	3,961.50	2,376.90
Cash Retained (M)	27,657.91	27,657.91	27,657.91
(-) Cash Required (M)	-6,338.40	-3,961.50	-2,376.90
(=) Excess Retained (M)	21,319.52	23,696.41	25,281.01
(/) Shares Outstanding (M)	25.24	25.24	25.24
(=) Excess Retained per Share	844.79	938.97	1,001.76
LTM Dividend per Share	159.85	159.85	159.85
(+) Excess Retained per Share	844.79	938.97	1,001.76
(=) Adjusted Dividend	1,004.64	1,098.82	1,161.61
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$211,978.89	$234,049.56	$249,747.05
Upside / Downside	3,375.06%	3,736.88%	3,994.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31,691.98	33,751.95	35,945.83	38,282.31	40,770.66	43,420.75	44,723.37
Payout Ratio	12.73%	28.18%	43.64%	59.09%	74.55%	90.00%	92.50%
Projected Dividends (M)	4,034.06	9,512.37	15,685.82	22,621.63	30,392.81	39,078.68	41,369.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,612.52	9,703.64	9,794.75
Year 2 PV (M)	16,017.84	16,322.94	16,630.91
Year 3 PV (M)	23,343.66	24,013.78	24,696.59
Year 4 PV (M)	31,693.08	32,911.91	34,165.56
Year 5 PV (M)	41,179.58	43,168.57	45,233.68
PV of Terminal Value (M)	4,359,315.80	4,569,872.38	4,788,487.46
Equity Value (M)	4,481,162.49	4,695,993.21	4,919,008.95
Shares Outstanding (M)	25.24	25.24	25.24
Fair Value	$177,566.72	$186,079.42	$194,916.45
Upside / Downside	2,810.93%	2,950.48%	3,095.35%

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Daechang Forging Co., Ltd. (015230.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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