DDM Analysis: 078000.KS

Valuation Snapshot

Stable Growth	$9,105.69 - $13,778.48	$11,306.30
Multi-Stage	$20,003.38 - $21,996.56	$20,980.46
Blended Fair Value	$16,143.38
Current Price	$15,540.00
Upside	3.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.49%	-0.25%	689.52	652.46	543.72	521.97	598.09	706.84	630.72	543.72	717.71	652.46
YoY Growth	-	-	5.68%	20.00%	4.17%	-12.73%	-15.38%	12.07%	16.00%	-24.24%	10.00%	-7.69%
Dividend Yield	-	-	7.87%	6.10%	5.99%	4.86%	5.20%	6.07%	4.35%	3.42%	6.30%	4.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,471.01
(-) Cash Dividends Paid (M)	3,304.96
(=) Cash Retained (M)	2,166.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,094.20	683.88	410.33
Cash Retained (M)	2,166.05	2,166.05	2,166.05
(-) Cash Required (M)	-1,094.20	-683.88	-410.33
(=) Excess Retained (M)	1,071.84	1,482.17	1,755.72
(/) Shares Outstanding (M)	5.17	5.17	5.17
(=) Excess Retained per Share	207.15	286.45	339.32
LTM Dividend per Share	638.74	638.74	638.74
(+) Excess Retained per Share	207.15	286.45	339.32
(=) Adjusted Dividend	845.89	925.19	978.06
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.25%	-1.25%	-0.25%
Fair Value	$9,105.69	$11,306.30	$13,778.48
Upside / Downside	-41.40%	-27.24%	-11.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,471.01	5,402.75	5,335.34	5,268.77	5,203.04	5,138.12	5,292.27
Payout Ratio	60.41%	66.33%	72.25%	78.16%	84.08%	90.00%	92.50%
Projected Dividends (M)	3,304.96	3,583.48	3,854.53	4,118.26	4,374.80	4,624.31	4,895.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.25%	-1.25%	-0.25%
Year 1 PV (M)	3,320.30	3,354.27	3,388.24
Year 2 PV (M)	3,309.16	3,377.21	3,445.96
Year 3 PV (M)	3,275.92	3,377.49	3,481.14
Year 4 PV (M)	3,224.42	3,358.41	3,496.52
Year 5 PV (M)	3,158.01	3,322.88	3,494.57
PV of Terminal Value (M)	87,213.68	91,766.84	96,508.21
Equity Value (M)	103,501.51	108,557.11	113,814.63
Shares Outstanding (M)	5.17	5.17	5.17
Fair Value	$20,003.38	$20,980.46	$21,996.56
Upside / Downside	28.72%	35.01%	41.55%

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Financial Statements

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Telcoware Co.,Ltd. (078000.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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