DDM Analysis: 000020.KS

Valuation Snapshot

Stable Growth	$22,418.96 - $54,656.94	$51,221.56
Multi-Stage	$8,125.40 - $8,884.56	$8,498.04
Blended Fair Value	$29,859.80
Current Price	$6,360.00
Upside	369.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.53%	9.82%	180.60	180.35	180.35	179.89	119.92	119.92	149.91	110.16	80.11	80.89
YoY Growth	-	-	0.14%	0.00%	0.26%	50.00%	0.00%	-20.00%	36.08%	37.50%	-0.95%	14.29%
Dividend Yield	-	-	3.02%	1.90%	2.17%	1.32%	0.84%	1.83%	1.59%	0.90%	0.88%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,592.25
(-) Cash Dividends Paid (M)	4,989.23
(=) Cash Retained (M)	2,603.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,518.45	949.03	569.42
Cash Retained (M)	2,603.02	2,603.02	2,603.02
(-) Cash Required (M)	-1,518.45	-949.03	-569.42
(=) Excess Retained (M)	1,084.57	1,653.99	2,033.60
(/) Shares Outstanding (M)	27.63	27.63	27.63
(=) Excess Retained per Share	39.26	59.87	73.61
LTM Dividend per Share	180.60	180.60	180.60
(+) Excess Retained per Share	39.26	59.87	73.61
(=) Adjusted Dividend	219.86	240.48	254.22
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22,418.96	$51,221.56	$54,656.94
Upside / Downside	252.50%	705.37%	759.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,592.25	8,085.74	8,611.32	9,171.05	9,767.17	10,402.04	10,714.10
Payout Ratio	65.71%	70.57%	75.43%	80.29%	85.14%	90.00%	92.50%
Projected Dividends (M)	4,989.23	5,706.26	6,495.42	7,363.06	8,316.06	9,361.83	9,910.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,305.95	5,356.24	5,406.54
Year 2 PV (M)	5,616.05	5,723.02	5,831.00
Year 3 PV (M)	5,919.63	6,089.56	6,262.71
Year 4 PV (M)	6,216.78	6,455.86	6,701.77
Year 5 PV (M)	6,507.60	6,821.92	7,148.27
PV of Terminal Value (M)	194,899.72	204,313.45	214,087.47
Equity Value (M)	224,465.73	234,760.05	245,437.75
Shares Outstanding (M)	27.63	27.63	27.63
Fair Value	$8,125.40	$8,498.04	$8,884.56
Upside / Downside	27.76%	33.62%	39.69%

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Dongwha Pharm.Co.,Ltd (000020.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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