DDM Analysis: 002460.KS

Valuation Snapshot

Stable Growth	$576,997.27 - $680,128.23	$637,227.65
Multi-Stage	$373,031.23 - $410,408.94	$391,361.99
Blended Fair Value	$514,294.82
Current Price	$10,070.00
Upside	5,007.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-16.49%	4.84%	483.18	483.18	1,279.20	831.48	639.60	1,189.65	1,138.49	918.78	665.18	511.68
YoY Growth	-	-	0.00%	-62.23%	53.85%	30.00%	-46.24%	4.49%	23.91%	38.13%	30.00%	69.82%
Dividend Yield	-	-	5.11%	4.85%	13.07%	4.04%	5.24%	15.97%	7.88%	6.10%	4.87%	3.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33,198.81
(-) Cash Dividends Paid (M)	4,732.36
(=) Cash Retained (M)	28,466.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,639.76	4,149.85	2,489.91
Cash Retained (M)	28,466.44	28,466.44	28,466.44
(-) Cash Required (M)	-6,639.76	-4,149.85	-2,489.91
(=) Excess Retained (M)	21,826.68	24,316.59	25,976.53
(/) Shares Outstanding (M)	9.47	9.47	9.47
(=) Excess Retained per Share	2,305.55	2,568.56	2,743.90
LTM Dividend per Share	499.88	499.88	499.88
(+) Excess Retained per Share	2,305.55	2,568.56	2,743.90
(=) Adjusted Dividend	2,805.43	3,068.44	3,243.78
WACC / Discount Rate	1.20%	1.20%	1.20%
Growth Rate	2.84%	3.84%	4.84%
Fair Value	$576,997.27	$637,227.65	$680,128.23
Upside / Downside	5,629.86%	6,227.98%	6,654.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33,198.81	34,472.20	35,794.43	37,167.37	38,592.98	40,073.27	41,275.47
Payout Ratio	14.25%	29.40%	44.55%	59.70%	74.85%	90.00%	92.50%
Projected Dividends (M)	4,732.36	10,136.10	15,947.41	22,189.61	28,887.20	36,065.94	38,179.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.20%	1.20%	1.20%
Growth Rate	2.84%	3.84%	4.84%
Year 1 PV (M)	9,919.23	10,015.68	10,112.14
Year 2 PV (M)	15,272.28	15,570.75	15,872.10
Year 3 PV (M)	20,795.54	21,408.13	22,032.62
Year 4 PV (M)	26,493.11	27,538.75	28,615.03
Year 5 PV (M)	32,369.18	33,973.92	35,641.68
PV of Terminal Value (M)	3,426,637.34	3,596,516.75	3,773,067.90
Equity Value (M)	3,531,486.69	3,705,023.97	3,885,341.47
Shares Outstanding (M)	9.47	9.47	9.47
Fair Value	$373,031.23	$391,361.99	$410,408.94
Upside / Downside	3,604.38%	3,786.42%	3,975.56%

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9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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HS Hwasung Co., Ltd. (002460.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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