DDM Analysis: 032640.KS

Valuation Snapshot

Stable Growth	$20,481.22 - $44,923.34	$29,425.57
Multi-Stage	$26,596.27 - $29,150.41	$27,849.33
Blended Fair Value	$28,637.45
Current Price	$14,300.00
Upside	100.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.22%	15.80%	660.86	660.84	600.02	659.83	406.33	406.33	406.33	355.54	253.96	152.37
YoY Growth	-	-	0.00%	10.14%	-9.06%	62.39%	0.00%	0.00%	14.29%	40.00%	66.67%	0.00%
Dividend Yield	-	-	6.42%	6.62%	5.54%	4.71%	3.32%	3.76%	2.60%	2.90%	1.78%	1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	464,925.00
(-) Cash Dividends Paid (M)	279,393.00
(=) Cash Retained (M)	185,532.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	92,985.00	58,115.63	34,869.38
Cash Retained (M)	185,532.00	185,532.00	185,532.00
(-) Cash Required (M)	-92,985.00	-58,115.63	-34,869.38
(=) Excess Retained (M)	92,547.00	127,416.38	150,662.63
(/) Shares Outstanding (M)	429.81	429.81	429.81
(=) Excess Retained per Share	215.32	296.45	350.53
LTM Dividend per Share	650.04	650.04	650.04
(+) Excess Retained per Share	215.32	296.45	350.53
(=) Adjusted Dividend	865.36	946.48	1,000.57
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	2.34%	3.34%	4.34%
Fair Value	$20,481.22	$29,425.57	$44,923.34
Upside / Downside	43.23%	105.77%	214.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	464,925.00	480,442.36	496,477.62	513,048.08	530,171.60	547,866.63	564,302.63
Payout Ratio	60.09%	66.08%	72.06%	78.04%	84.02%	90.00%	92.50%
Projected Dividends (M)	279,393.00	317,454.05	357,744.52	400,370.84	445,444.04	493,079.97	521,979.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	2.34%	3.34%	4.34%
Year 1 PV (M)	294,747.45	297,627.60	300,507.75
Year 2 PV (M)	308,397.87	314,454.38	320,569.79
Year 3 PV (M)	320,457.17	329,943.38	339,614.98
Year 4 PV (M)	331,031.93	344,161.64	357,678.10
Year 5 PV (M)	340,222.70	357,173.31	374,792.90
PV of Terminal Value (M)	9,836,512.01	10,326,587.78	10,836,005.07
Equity Value (M)	11,431,369.13	11,969,948.10	12,529,168.59
Shares Outstanding (M)	429.81	429.81	429.81
Fair Value	$26,596.27	$27,849.33	$29,150.41
Upside / Downside	85.99%	94.75%	103.85%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
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CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
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ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
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MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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LG Uplus Corp. (032640.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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