DDM Analysis: 071320.KS

Valuation Snapshot

Stable Growth	$567,069.20 - $1,294,397.27	$826,003.76
Multi-Stage	$752,079.89 - $826,012.57	$788,343.43
Blended Fair Value	$807,173.59
Current Price	$90,300.00
Upside	793.88%
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	$567,069.20	$826,003.76	$1,294,397.27
Upside / Downside	527.98%	814.73%	1,333.44%

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)	106,052.37	107,090.20	108,128.03
Year 2 PV (M)	144,550.59	147,393.58	150,264.26
Year 3 PV (M)	179,893.00	185,226.16	190,663.70
Year 4 PV (M)	212,266.87	220,698.62	229,379.11
Year 5 PV (M)	241,849.66	253,917.28	266,461.86
PV of Terminal Value (M)	7,705,079.94	8,089,541.54	8,489,199.09
Equity Value (M)	8,589,692.42	9,003,867.38	9,434,096.04
Shares Outstanding (M)	11.42	11.42	11.42
Fair Value	$752,079.89	$788,343.43	$826,012.57
Upside / Downside	732.87%	773.03%	814.74%

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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%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
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Financial Statements

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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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