DDM Analysis: 005430.KS

Valuation Snapshot

Stable Growth	$123,842.27 - $194,956.25	$156,420.76
Multi-Stage	$146,673.01 - $160,812.65	$153,609.79
Blended Fair Value	$155,015.28
Current Price	$52,200.00
Upside	196.96%
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%	7.17%	999.96	0.00	0.00	0.00	999.94	999.94	499.95	499.94	500.05	499.95
YoY Growth	-	-	0.00%	0.00%	-100.00%	-100.00%	0.00%	100.01%	0.00%	-0.02%	0.02%	-0.04%
Dividend Yield	-	-	2.09%	0.00%	0.00%	0.00%	2.44%	3.91%	1.10%	1.06%	1.25%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37,102.52
(-) Cash Dividends Paid (M)	3,057.87
(=) Cash Retained (M)	34,044.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,420.50	4,637.82	2,782.69
Cash Retained (M)	34,044.65	34,044.65	34,044.65
(-) Cash Required (M)	-7,420.50	-4,637.82	-2,782.69
(=) Excess Retained (M)	26,624.15	29,406.84	31,261.96
(/) Shares Outstanding (M)	3.06	3.06	3.06
(=) Excess Retained per Share	8,706.39	9,616.36	10,223.01
LTM Dividend per Share	999.96	999.96	999.96
(+) Excess Retained per Share	8,706.39	9,616.36	10,223.01
(=) Adjusted Dividend	9,706.35	10,616.32	11,222.97
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	1.64%	2.64%	3.64%
Fair Value	$123,842.27	$156,420.76	$194,956.25
Upside / Downside	137.25%	199.66%	273.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37,102.52	38,081.90	39,087.14	40,118.91	41,177.92	42,264.88	43,532.83
Payout Ratio	8.24%	24.59%	40.95%	57.30%	73.65%	90.00%	92.50%
Projected Dividends (M)	3,057.87	9,365.61	16,004.23	22,986.80	30,326.85	38,038.40	40,267.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	1.64%	2.64%	3.64%
Year 1 PV (M)	8,461.56	8,544.81	8,628.06
Year 2 PV (M)	13,063.61	13,321.94	13,582.79
Year 3 PV (M)	16,952.01	17,457.31	17,972.55
Year 4 PV (M)	20,206.19	21,013.21	21,844.17
Year 5 PV (M)	22,897.78	24,046.59	25,241.04
PV of Terminal Value (M)	366,944.92	385,354.90	404,496.49
Equity Value (M)	448,526.08	469,738.75	491,765.09
Shares Outstanding (M)	3.06	3.06	3.06
Fair Value	$146,673.01	$153,609.79	$160,812.65
Upside / Downside	180.98%	194.27%	208.07%

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603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
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MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
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002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
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%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
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%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
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6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
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Financial Statements

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Korea Airport Service Co.,Ltd. (005430.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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