DDM Analysis: 021240.KS

Valuation Snapshot

Stable Growth	$229,357.40 - $848,891.49	$384,187.40
Multi-Stage	$155,131.61 - $169,610.20	$162,238.68
Blended Fair Value	$273,213.04
Current Price	$98,500.00
Upside	177.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-17.73%	-2.30%	1,363.73	1,313.22	1,262.57	1,212.07	0.00	3,618.34	3,214.20	5,696.73	2,896.04	2,065.17
YoY Growth	-	-	3.85%	4.01%	4.17%	0.00%	-100.00%	12.57%	-43.58%	96.71%	40.23%	20.01%
Dividend Yield	-	-	1.68%	2.30%	2.40%	1.77%	0.00%	6.26%	3.37%	6.34%	3.01%	2.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	574,642.38
(-) Cash Dividends Paid (M)	189,121.02
(=) Cash Retained (M)	385,521.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	114,928.48	71,830.30	43,098.18
Cash Retained (M)	385,521.36	385,521.36	385,521.36
(-) Cash Required (M)	-114,928.48	-71,830.30	-43,098.18
(=) Excess Retained (M)	270,592.88	313,691.06	342,423.18
(/) Shares Outstanding (M)	71.83	71.83	71.83
(=) Excess Retained per Share	3,766.96	4,366.93	4,766.92
LTM Dividend per Share	2,632.78	2,632.78	2,632.78
(+) Excess Retained per Share	3,766.96	4,366.93	4,766.92
(=) Adjusted Dividend	6,399.74	6,999.71	7,399.70
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	5.15%	6.15%	7.15%
Fair Value	$229,357.40	$384,187.40	$848,891.49
Upside / Downside	132.85%	290.04%	761.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	574,642.38	609,990.34	647,512.67	687,343.10	729,623.62	774,504.94	797,740.09
Payout Ratio	32.91%	44.33%	55.75%	67.16%	78.58%	90.00%	92.50%
Projected Dividends (M)	189,121.02	270,401.80	360,966.61	461,650.09	573,354.41	697,054.45	737,909.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	5.15%	6.15%	7.15%
Year 1 PV (M)	247,817.61	250,174.39	252,531.16
Year 2 PV (M)	303,188.16	308,982.28	314,831.25
Year 3 PV (M)	355,369.97	365,605.51	376,035.74
Year 4 PV (M)	404,495.37	420,103.44	436,158.91
Year 5 PV (M)	450,691.85	472,533.99	495,214.89
PV of Terminal Value (M)	9,382,044.71	9,836,732.31	10,308,880.13
Equity Value (M)	11,143,607.66	11,654,131.93	12,183,652.07
Shares Outstanding (M)	71.83	71.83	71.83
Fair Value	$155,131.61	$162,238.68	$169,610.20
Upside / Downside	57.49%	64.71%	72.19%

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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%
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COWAY Co., Ltd. (021240.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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