DDM Analysis: 003460.KS

Valuation Snapshot

Stable Growth	$12,017.91 - $38,889.03	$36,444.72
Multi-Stage	$5,328.73 - $5,820.55	$5,570.17
Blended Fair Value	$21,007.45
Current Price	$2,700.00
Upside	678.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.82%	-1.03%	122.33	112.34	132.32	112.34	123.86	156.62	125.51	176.52	157.17	102.40
YoY Growth	-	-	8.89%	-15.10%	17.79%	-9.30%	-20.92%	24.79%	-28.90%	12.31%	53.49%	-24.54%
Dividend Yield	-	-	5.27%	5.02%	5.80%	4.28%	4.87%	7.32%	4.98%	6.07%	5.20%	3.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,868.25
(-) Cash Dividends Paid (M)	9,850.15
(=) Cash Retained (M)	2,018.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,373.65	1,483.53	890.12
Cash Retained (M)	2,018.10	2,018.10	2,018.10
(-) Cash Required (M)	-2,373.65	-1,483.53	-890.12
(=) Excess Retained (M)	-355.55	534.57	1,127.98
(/) Shares Outstanding (M)	60.69	60.69	60.69
(=) Excess Retained per Share	-5.86	8.81	18.58
LTM Dividend per Share	162.29	162.29	162.29
(+) Excess Retained per Share	-5.86	8.81	18.58
(=) Adjusted Dividend	156.44	171.10	180.88
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12,017.91	$36,444.72	$38,889.03
Upside / Downside	345.11%	1,249.80%	1,340.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,868.25	12,639.68	13,461.26	14,336.25	15,268.10	16,260.53	16,748.34
Payout Ratio	83.00%	84.40%	85.80%	87.20%	88.60%	90.00%	92.50%
Projected Dividends (M)	9,850.15	10,667.47	11,549.43	12,500.97	13,527.41	14,634.47	15,492.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,887.70	9,981.42	10,075.14
Year 2 PV (M)	9,922.65	10,111.65	10,302.43
Year 3 PV (M)	9,955.08	10,240.85	10,532.04
Year 4 PV (M)	9,985.03	10,369.03	10,763.99
Year 5 PV (M)	10,012.57	10,496.18	10,998.30
PV of Terminal Value (M)	273,654.53	286,872.15	300,595.63
Equity Value (M)	323,417.56	338,071.28	353,267.55
Shares Outstanding (M)	60.69	60.69	60.69
Fair Value	$5,328.73	$5,570.17	$5,820.55
Upside / Downside	97.36%	106.30%	115.58%

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Yuhwa Securities co.,ltd. (003460.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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