DDM Analysis: 016610.KS

Valuation Snapshot

Stable Growth	$44,512.25 - $261,877.00	$82,001.01
Multi-Stage	$33,148.08 - $36,308.95	$34,699.22
Blended Fair Value	$58,350.12
Current Price	$8,290.00
Upside	603.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.69%	31.92%	212.27	181.93	527.11	321.61	270.23	269.94	116.07	13.30	13.30	116.07
YoY Growth	-	-	16.68%	-65.49%	63.90%	19.02%	0.11%	132.57%	772.93%	0.00%	-88.54%	772.93%
Dividend Yield	-	-	3.98%	4.34%	13.13%	4.81%	4.47%	8.95%	2.38%	0.32%	0.37%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53,641.90
(-) Cash Dividends Paid (M)	16,222.35
(=) Cash Retained (M)	37,419.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,728.38	6,705.24	4,023.14
Cash Retained (M)	37,419.55	37,419.55	37,419.55
(-) Cash Required (M)	-10,728.38	-6,705.24	-4,023.14
(=) Excess Retained (M)	26,691.17	30,714.31	33,396.41
(/) Shares Outstanding (M)	40.31	40.31	40.31
(=) Excess Retained per Share	662.13	761.93	828.46
LTM Dividend per Share	402.43	402.43	402.43
(+) Excess Retained per Share	662.13	761.93	828.46
(=) Adjusted Dividend	1,064.55	1,164.36	1,230.89
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	4.38%	5.38%	6.38%
Fair Value	$44,512.25	$82,001.01	$261,877.00
Upside / Downside	436.94%	889.16%	3,058.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53,641.90	56,526.23	59,565.64	62,768.49	66,143.56	69,700.10	71,791.10
Payout Ratio	30.24%	42.19%	54.15%	66.10%	78.05%	90.00%	92.50%
Projected Dividends (M)	16,222.35	23,850.42	32,251.91	41,487.95	51,623.98	62,730.09	66,406.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	4.38%	5.38%	6.38%
Year 1 PV (M)	22,104.76	22,316.54	22,528.32
Year 2 PV (M)	27,703.53	28,236.91	28,775.38
Year 3 PV (M)	33,028.70	33,987.13	34,963.93
Year 4 PV (M)	38,089.98	39,570.80	41,094.39
Year 5 PV (M)	42,896.81	44,991.46	47,167.15
PV of Terminal Value (M)	1,172,416.88	1,229,666.00	1,289,129.96
Equity Value (M)	1,336,240.67	1,398,768.85	1,463,659.13
Shares Outstanding (M)	40.31	40.31	40.31
Fair Value	$33,148.08	$34,699.22	$36,308.95
Upside / Downside	299.86%	318.57%	337.98%

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BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
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%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
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%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
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%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
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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DB Securities Co., Ltd. (016610.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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