DDM Analysis: 024110.KS

Valuation Snapshot

Stable Growth	$183,690.52 - $662,740.45	$584,655.66
Multi-Stage	$84,186.01 - $92,098.40	$88,069.76
Blended Fair Value	$336,362.71
Current Price	$19,460.00
Upside	1,628.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.91%	11.95%	968.78	1,125.39	929.29	613.98	610.43	632.19	612.48	473.63	456.02	425.26
YoY Growth	-	-	-13.92%	21.10%	51.36%	0.58%	-3.44%	3.22%	29.32%	3.86%	7.23%	35.73%
Dividend Yield	-	-	6.81%	8.46%	9.20%	5.66%	6.66%	8.43%	4.27%	3.09%	3.74%	3.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,702,818.00
(-) Cash Dividends Paid (M)	986,410.00
(=) Cash Retained (M)	1,716,408.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	540,563.60	337,852.25	202,711.35
Cash Retained (M)	1,716,408.00	1,716,408.00	1,716,408.00
(-) Cash Required (M)	-540,563.60	-337,852.25	-202,711.35
(=) Excess Retained (M)	1,175,844.40	1,378,555.75	1,513,696.65
(/) Shares Outstanding (M)	811.06	811.06	811.06
(=) Excess Retained per Share	1,449.76	1,699.69	1,866.32
LTM Dividend per Share	1,216.20	1,216.20	1,216.20
(+) Excess Retained per Share	1,449.76	1,699.69	1,866.32
(=) Adjusted Dividend	2,665.96	2,915.89	3,082.51
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$183,690.52	$584,655.66	$662,740.45
Upside / Downside	843.94%	2,904.40%	3,305.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,702,818.00	2,878,501.17	3,065,603.75	3,264,867.99	3,477,084.41	3,703,094.90	3,814,187.74
Payout Ratio	36.50%	47.20%	57.90%	68.60%	79.30%	90.00%	92.50%
Projected Dividends (M)	986,410.00	1,358,551.53	1,774,903.88	2,239,642.15	2,757,297.43	3,332,785.41	3,528,123.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,257,386.40	1,269,304.75	1,281,223.11
Year 2 PV (M)	1,520,407.92	1,549,367.42	1,578,600.12
Year 3 PV (M)	1,775,646.70	1,826,619.14	1,878,557.85
Year 4 PV (M)	2,023,271.60	2,101,080.91	2,181,113.19
Year 5 PV (M)	2,263,448.21	2,372,773.61	2,486,283.14
PV of Terminal Value (M)	59,439,832.49	62,310,798.63	65,291,643.40
Equity Value (M)	68,279,993.32	71,429,944.46	74,697,420.80
Shares Outstanding (M)	811.06	811.06	811.06
Fair Value	$84,186.01	$88,069.76	$92,098.40
Upside / Downside	332.61%	352.57%	373.27%

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0QJX.L	EFG International AG	9.52%	$1.81	96.44%
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0752.HK	Pico Far East Holdings Limited	9.50%	$0.25	45.55%
MRN.PA	Mersen S.A.	9.50%	$2.30	45.40%
MTS.AX	Metcash Limited	9.50%	$0.31	64.02%
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WMA.AX	Wam Alternative Assets Limited	9.49%	$0.10	9.12%
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SC-R.BK	SC Asset Corporation Public Company Limited	9.47%	$0.16	48.63%
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AFYA	Afya Limited	9.45%	$1.41	17.69%
BBRI.JK	PT Bank Rakyat Indonesia (Persero) Tbk	9.44%	$343.60	92.61%
TEKA.BK	Teka Construction Public Company Limited	9.44%	$0.16	96.55%
8964.T	Frontier Real Estate Investment Corporation	9.39%	$8,736.61	96.39%
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KGKC.ME	PJSC Kurgan Generation Company	9.33%	$4.03	70.77%

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Industrial Bank of Korea (024110.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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