DDM Analysis: 034590.KS

Valuation Snapshot

Stable Growth	$56,053.66 - $97,335.85	$73,753.00
Multi-Stage	$117,707.85 - $129,565.95	$123,521.37
Blended Fair Value	$98,637.18
Current Price	$26,050.00
Upside	278.65%
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%	0.96%	1,250.44	1,250.44	1,250.44	1,250.44	1,250.44	1,250.44	1,250.44	1,250.44	1,250.44	1,250.44
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.99%
Dividend Yield	-	-	5.12%	4.93%	4.72%	4.70%	4.85%	5.32%	4.28%	4.18%	4.14%	4.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,059.72
(-) Cash Dividends Paid (M)	5,152.50
(=) Cash Retained (M)	12,907.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,611.94	2,257.46	1,354.48
Cash Retained (M)	12,907.22	12,907.22	12,907.22
(-) Cash Required (M)	-3,611.94	-2,257.46	-1,354.48
(=) Excess Retained (M)	9,295.27	10,649.75	11,552.74
(/) Shares Outstanding (M)	4.12	4.12	4.12
(=) Excess Retained per Share	2,255.83	2,584.54	2,803.69
LTM Dividend per Share	1,250.44	1,250.44	1,250.44
(+) Excess Retained per Share	2,255.83	2,584.54	2,803.69
(=) Adjusted Dividend	3,506.27	3,834.98	4,054.12
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-0.33%	0.67%	1.67%
Fair Value	$56,053.66	$73,753.00	$97,335.85
Upside / Downside	115.18%	183.12%	273.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,059.72	18,181.45	18,304.01	18,427.39	18,551.61	18,676.66	19,236.96
Payout Ratio	28.53%	40.82%	53.12%	65.41%	77.71%	90.00%	92.50%
Projected Dividends (M)	5,152.50	7,422.45	9,722.76	12,053.75	14,415.72	16,808.99	17,794.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-0.33%	0.67%	1.67%
Year 1 PV (M)	6,938.72	7,008.33	7,077.95
Year 2 PV (M)	8,496.77	8,668.12	8,841.17
Year 3 PV (M)	9,847.33	10,146.70	10,452.08
Year 4 PV (M)	11,009.44	11,457.95	11,920.02
Year 5 PV (M)	12,000.59	12,614.78	13,253.86
PV of Terminal Value (M)	436,728.76	459,080.62	482,338.43
Equity Value (M)	485,021.60	508,976.50	533,883.52
Shares Outstanding (M)	4.12	4.12	4.12
Fair Value	$117,707.85	$123,521.37	$129,565.95
Upside / Downside	351.85%	374.17%	397.37%

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Incheon City Gas Co., Ltd. (034590.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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