DDM Analysis: 002240.KS

Valuation Snapshot

Stable Growth	$27,260.27 - $49,456.12	$36,499.80
Multi-Stage	$46,668.82 - $51,325.22	$48,952.10
Blended Fair Value	$42,725.95
Current Price	$17,100.00
Upside	149.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.49%	5.71%	338.80	260.41	269.28	222.29	259.34	259.34	233.42	245.92	233.42	194.51
YoY Growth	-	-	30.10%	-3.29%	21.14%	-14.29%	0.00%	11.10%	-5.09%	5.36%	20.00%	0.00%
Dividend Yield	-	-	2.02%	1.32%	1.42%	1.19%	1.42%	2.56%	1.24%	1.08%	0.88%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	52,210.63
(-) Cash Dividends Paid (M)	9,466.90
(=) Cash Retained (M)	42,743.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,442.13	6,526.33	3,915.80
Cash Retained (M)	42,743.74	42,743.74	42,743.74
(-) Cash Required (M)	-10,442.13	-6,526.33	-3,915.80
(=) Excess Retained (M)	32,301.61	36,217.41	38,827.94
(/) Shares Outstanding (M)	26.98	26.98	26.98
(=) Excess Retained per Share	1,197.04	1,342.16	1,438.90
LTM Dividend per Share	350.83	350.83	350.83
(+) Excess Retained per Share	1,197.04	1,342.16	1,438.90
(=) Adjusted Dividend	1,547.87	1,692.98	1,789.73
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.63%	1.63%	2.63%
Fair Value	$27,260.27	$36,499.80	$49,456.12
Upside / Downside	59.42%	113.45%	189.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52,210.63	53,064.16	53,931.64	54,813.31	55,709.38	56,620.11	58,318.71
Payout Ratio	18.13%	32.51%	46.88%	61.25%	75.63%	90.00%	92.50%
Projected Dividends (M)	9,466.90	17,248.88	25,282.76	33,574.71	42,131.01	50,958.10	53,944.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.63%	1.63%	2.63%
Year 1 PV (M)	16,059.55	16,219.13	16,378.71
Year 2 PV (M)	21,916.42	22,354.15	22,796.21
Year 3 PV (M)	27,097.55	27,913.40	28,745.47
Year 4 PV (M)	31,658.64	32,935.88	34,251.38
Year 5 PV (M)	35,651.36	37,458.24	39,337.65
PV of Terminal Value (M)	1,126,951.24	1,184,067.26	1,243,475.97
Equity Value (M)	1,259,334.76	1,320,948.07	1,384,985.38
Shares Outstanding (M)	26.98	26.98	26.98
Fair Value	$46,668.82	$48,952.10	$51,325.22
Upside / Downside	172.92%	186.27%	200.15%

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Kiswire Ltd. (002240.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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