DDM Analysis: 012320.KS

Valuation Snapshot

Stable Growth	$85,868.39 - $126,650.33	$105,420.80
Multi-Stage	$118,981.31 - $130,681.80	$124,719.29
Blended Fair Value	$115,070.04
Current Price	$57,500.00
Upside	100.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.69%	-9.28%	755.91	755.91	755.91	505.63	518.44	521.86	521.86	2,013.93	2,180.82	2,191.23
YoY Growth	-	-	0.00%	0.00%	49.50%	-2.47%	-0.66%	0.00%	-74.09%	-7.65%	-0.48%	9.40%
Dividend Yield	-	-	1.26%	0.89%	0.71%	1.41%	1.28%	2.21%	1.31%	4.74%	2.46%	2.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23,441.16
(-) Cash Dividends Paid (M)	1,657.34
(=) Cash Retained (M)	21,783.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,688.23	2,930.15	1,758.09
Cash Retained (M)	21,783.82	21,783.82	21,783.82
(-) Cash Required (M)	-4,688.23	-2,930.15	-1,758.09
(=) Excess Retained (M)	17,095.59	18,853.68	20,025.74
(/) Shares Outstanding (M)	2.18	2.18	2.18
(=) Excess Retained per Share	7,849.56	8,656.80	9,194.95
LTM Dividend per Share	760.98	760.98	760.98
(+) Excess Retained per Share	7,849.56	8,656.80	9,194.95
(=) Adjusted Dividend	8,610.54	9,417.78	9,955.93
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	-0.43%	0.57%	1.57%
Fair Value	$85,868.39	$105,420.80	$126,650.33
Upside / Downside	49.34%	83.34%	120.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23,441.16	23,573.68	23,706.95	23,840.98	23,975.76	24,111.30	24,834.64
Payout Ratio	7.07%	23.66%	40.24%	56.83%	73.41%	90.00%	92.50%
Projected Dividends (M)	1,657.34	5,576.63	9,540.18	13,548.37	17,601.57	21,700.17	22,972.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	-0.43%	0.57%	1.57%
Year 1 PV (M)	5,039.90	5,090.52	5,141.14
Year 2 PV (M)	7,792.14	7,949.45	8,108.33
Year 3 PV (M)	10,000.86	10,305.23	10,615.72
Year 4 PV (M)	11,742.26	12,221.16	12,714.55
Year 5 PV (M)	13,083.19	13,753.53	14,451.08
PV of Terminal Value (M)	211,471.62	222,306.83	233,581.70
Equity Value (M)	259,129.97	271,626.72	284,612.52
Shares Outstanding (M)	2.18	2.18	2.18
Fair Value	$118,981.31	$124,719.29	$130,681.80
Upside / Downside	106.92%	116.90%	127.27%

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8464.TW	Nien Made Enterprise Co., Ltd.	3.95%	$14.49	64.65%
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6412.T	Heiwa Corporation	3.94%	$80.00	63.34%
DSFIR.AS	DSM-Firmenich AG	3.94%	$2.71	99.44%
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TCSG.ME	TCS Group Holding PLC	3.94%	$129.27	21.76%
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601789.SS	Ningbo Construction Co., Ltd.	3.93%	$0.20	78.65%
EMA	Emera Incorporated	3.93%	$1.93	49.45%
TSPC.JK	PT Tempo Scan Pacific Tbk	3.93%	$111.90	33.61%
TTALO.HE	Terveystalo Oyj	3.93%	$0.38	55.32%
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300181.SZ	Zhejiang Jolly Pharmaceutical Co.,LTD	3.92%	$0.63	73.60%
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Financial Statements

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Kyungdong Invest Co., Ltd (012320.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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