DDM Analysis: 034590.KS

Valuation Snapshot

Stable Growth	$55,585.03 - $96,142.50	$73,019.79
Multi-Stage	$115,549.72 - $127,182.90	$121,253.01
Blended Fair Value	$97,136.40
Current Price	$26,050.00
Upside	272.88%
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%	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	5.96%	5.96%	5.96%
Growth Rate	-0.33%	0.67%	1.67%
Fair Value	$55,585.03	$73,019.79	$96,142.50
Upside / Downside	113.38%	180.31%	269.07%

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	5.96%	5.96%	5.96%
Growth Rate	-0.33%	0.67%	1.67%
Year 1 PV (M)	6,935.28	7,004.85	7,074.43
Year 2 PV (M)	8,488.34	8,659.52	8,832.40
Year 3 PV (M)	9,832.69	10,131.61	10,436.53
Year 4 PV (M)	10,987.61	11,435.23	11,896.39
Year 5 PV (M)	11,970.85	12,583.52	13,221.02
PV of Terminal Value (M)	427,914.13	449,814.86	472,603.25
Equity Value (M)	476,128.89	499,629.59	524,064.04
Shares Outstanding (M)	4.12	4.12	4.12
Fair Value	$115,549.72	$121,253.01	$127,182.90
Upside / Downside	343.57%	365.46%	388.23%

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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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