DDM Analysis: 023000.KS

Valuation Snapshot

Stable Growth	$2,827.50 - $4,685.79	$3,649.72
Multi-Stage	$5,722.85 - $6,293.49	$6,002.63
Blended Fair Value	$4,826.17
Current Price	$2,560.00
Upside	88.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.01%	-0.93%	109.67	104.68	104.68	104.68	115.07	115.40	115.40	125.44	125.44	120.42
YoY Growth	-	-	4.76%	0.00%	0.00%	-9.03%	-0.28%	0.00%	-8.00%	0.00%	4.17%	0.00%
Dividend Yield	-	-	4.71%	3.65%	3.45%	3.24%	3.20%	6.11%	3.81%	3.90%	3.44%	3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,832.81
(-) Cash Dividends Paid (M)	4,371.40
(=) Cash Retained (M)	5,461.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,966.56	1,229.10	737.46
Cash Retained (M)	5,461.42	5,461.42	5,461.42
(-) Cash Required (M)	-1,966.56	-1,229.10	-737.46
(=) Excess Retained (M)	3,494.86	4,232.32	4,723.96
(/) Shares Outstanding (M)	39.86	39.86	39.86
(=) Excess Retained per Share	87.68	106.18	118.51
LTM Dividend per Share	109.67	109.67	109.67
(+) Excess Retained per Share	87.68	106.18	118.51
(=) Adjusted Dividend	197.34	215.84	228.18
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-0.59%	0.41%	1.41%
Fair Value	$2,827.50	$3,649.72	$4,685.79
Upside / Downside	10.45%	42.57%	83.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,832.81	9,873.17	9,913.69	9,954.38	9,995.24	10,036.26	10,337.35
Payout Ratio	44.46%	53.57%	62.67%	71.78%	80.89%	90.00%	92.50%
Projected Dividends (M)	4,371.40	5,288.64	6,213.34	7,145.54	8,085.29	9,032.63	9,562.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-0.59%	0.41%	1.41%
Year 1 PV (M)	4,923.40	4,972.92	5,022.45
Year 2 PV (M)	5,384.77	5,493.65	5,603.62
Year 3 PV (M)	5,764.99	5,940.72	6,119.98
Year 4 PV (M)	6,072.67	6,320.73	6,576.31
Year 5 PV (M)	6,315.67	6,639.78	6,977.07
PV of Terminal Value (M)	199,655.97	209,902.04	220,564.52
Equity Value (M)	228,117.46	239,269.85	250,863.95
Shares Outstanding (M)	39.86	39.86	39.86
Fair Value	$5,722.85	$6,002.63	$6,293.49
Upside / Downside	123.55%	134.48%	145.84%

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SAMWONSTEEL Co.,Ltd. (023000.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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