DDM Analysis: 071320.KS

Valuation Snapshot

Stable Growth	$567,044.60 - $1,294,288.57	$825,956.51
Multi-Stage	$752,037.33 - $825,965.69	$788,298.75
Blended Fair Value	$807,127.63
Current Price	$90,300.00
Upside	793.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-5.53%	1,715.66	940.35	807.99	978.31	152.02	0.00	2,858.89	3,852.40	3,669.92	2,139.10
YoY Growth	-	-	82.45%	16.38%	-17.41%	543.54%	0.00%	-100.00%	-25.79%	4.97%	71.56%	-29.43%
Dividend Yield	-	-	3.46%	2.51%	3.00%	2.68%	0.40%	0.00%	4.69%	4.58%	5.49%	3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	327,691.19
(-) Cash Dividends Paid (M)	64,200.75
(=) Cash Retained (M)	263,490.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65,538.24	40,961.40	24,576.84
Cash Retained (M)	263,490.44	263,490.44	263,490.44
(-) Cash Required (M)	-65,538.24	-40,961.40	-24,576.84
(=) Excess Retained (M)	197,952.20	222,529.04	238,913.60
(/) Shares Outstanding (M)	11.42	11.42	11.42
(=) Excess Retained per Share	17,331.92	19,483.77	20,918.34
LTM Dividend per Share	5,621.17	5,621.17	5,621.17
(+) Excess Retained per Share	17,331.92	19,483.77	20,918.34
(=) Adjusted Dividend	22,953.09	25,104.94	26,539.51
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	2.19%	3.19%	4.19%
Fair Value	$567,044.60	$825,956.51	$1,294,288.57
Upside / Downside	527.96%	814.68%	1,333.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	327,691.19	338,133.49	348,908.54	360,026.96	371,499.68	383,337.99	394,838.13
Payout Ratio	19.59%	33.67%	47.76%	61.84%	75.92%	90.00%	92.50%
Projected Dividends (M)	64,200.75	113,861.30	166,621.65	222,628.93	282,036.50	345,004.19	365,225.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	2.19%	3.19%	4.19%
Year 1 PV (M)	106,052.19	107,090.01	108,127.84
Year 2 PV (M)	144,550.10	147,393.09	150,263.75
Year 3 PV (M)	179,892.09	185,225.22	190,662.73
Year 4 PV (M)	212,265.43	220,697.13	229,377.56
Year 5 PV (M)	241,847.62	253,915.13	266,459.61
PV of Terminal Value (M)	7,704,598.95	8,089,036.56	8,488,669.16
Equity Value (M)	8,589,206.39	9,003,357.15	9,433,560.66
Shares Outstanding (M)	11.42	11.42	11.42
Fair Value	$752,037.33	$788,298.75	$825,965.69
Upside / Downside	732.82%	772.98%	814.69%

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300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
601128.SS	Jiangsu Changshu Rural Commercial Bank Co., Ltd.	3.51%	$0.25	19.56%
INTP.JK	PT Indocement Tunggal Prakarsa Tbk	3.51%	$259.81	43.04%
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Korea District Heating Corp. (071320.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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