DDM Analysis: 095570.KS

Valuation Snapshot

Stable Growth	$5,675.65 - $8,937.42	$7,170.01
Multi-Stage	$14,138.97 - $15,573.68	$14,842.17
Blended Fair Value	$11,006.09
Current Price	$4,245.00
Upside	159.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.98%	0.00%	271.31	270.20	270.20	213.77	314.00	104.67	90.01	62.80	0.00	0.00
YoY Growth	-	-	0.41%	0.00%	26.40%	-31.92%	200.00%	16.28%	43.33%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.37%	5.57%	5.74%	3.45%	6.97%	3.55%	1.87%	0.88%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	25,830.81
(-) Cash Dividends Paid (M)	12,082.78
(=) Cash Retained (M)	13,748.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,166.16	3,228.85	1,937.31
Cash Retained (M)	13,748.02	13,748.02	13,748.02
(-) Cash Required (M)	-5,166.16	-3,228.85	-1,937.31
(=) Excess Retained (M)	8,581.86	10,519.17	11,810.71
(/) Shares Outstanding (M)	44.73	44.73	44.73
(=) Excess Retained per Share	191.84	235.15	264.02
LTM Dividend per Share	270.10	270.10	270.10
(+) Excess Retained per Share	191.84	235.15	264.02
(=) Adjusted Dividend	461.94	505.25	534.12
WACC / Discount Rate	5.98%	5.98%	5.98%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5,675.65	$7,170.01	$8,937.42
Upside / Downside	33.70%	68.90%	110.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	25,830.81	25,572.50	25,316.77	25,063.61	24,812.97	24,564.84	25,301.79
Payout Ratio	46.78%	55.42%	64.07%	72.71%	81.36%	90.00%	92.50%
Projected Dividends (M)	12,082.78	14,172.61	16,219.44	18,223.91	20,186.67	22,108.36	23,404.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.98%	5.98%	5.98%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	13,238.31	13,373.39	13,508.48
Year 2 PV (M)	14,151.45	14,441.73	14,734.95
Year 3 PV (M)	14,852.15	15,311.46	15,780.15
Year 4 PV (M)	15,367.21	16,004.11	16,660.60
Year 5 PV (M)	15,720.60	16,539.21	17,391.57
PV of Terminal Value (M)	559,169.97	588,287.24	618,605.05
Equity Value (M)	632,499.68	663,957.14	696,680.80
Shares Outstanding (M)	44.73	44.73	44.73
Fair Value	$14,138.97	$14,842.17	$15,573.68
Upside / Downside	233.07%	249.64%	266.87%

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AJ Networks Co.,Ltd. (095570.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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