DDM Analysis: 003090.KS

Valuation Snapshot

Stable Growth	$337,125.98 - $397,209.86	$372,235.30
Multi-Stage	$79,207.75 - $86,855.97	$82,960.78
Blended Fair Value	$227,598.04
Current Price	$23,050.00
Upside	887.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.67%	-0.64%	200.46	198.61	101.68	103.89	105.64	105.64	105.64	187.83	200.14	200.14
YoY Growth	-	-	0.93%	95.33%	-2.13%	-1.66%	0.00%	0.00%	-43.76%	-6.15%	0.00%	-6.41%
Dividend Yield	-	-	1.07%	0.98%	0.67%	0.33%	0.32%	0.94%	0.53%	0.89%	1.91%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81,847.11
(-) Cash Dividends Paid (M)	8,632.98
(=) Cash Retained (M)	73,214.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16,369.42	10,230.89	6,138.53
Cash Retained (M)	73,214.13	73,214.13	73,214.13
(-) Cash Required (M)	-16,369.42	-10,230.89	-6,138.53
(=) Excess Retained (M)	56,844.71	62,983.24	67,075.60
(/) Shares Outstanding (M)	40.88	40.88	40.88
(=) Excess Retained per Share	1,390.54	1,540.70	1,640.81
LTM Dividend per Share	211.18	211.18	211.18
(+) Excess Retained per Share	1,390.54	1,540.70	1,640.81
(=) Adjusted Dividend	1,601.72	1,751.88	1,851.99
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	5.24%	6.24%	7.24%
Fair Value	$337,125.98	$372,235.30	$397,209.86
Upside / Downside	1,362.59%	1,514.90%	1,623.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81,847.11	86,953.49	92,378.46	98,141.88	104,264.87	110,769.88	114,092.98
Payout Ratio	10.55%	26.44%	42.33%	58.22%	74.11%	90.00%	92.50%
Projected Dividends (M)	8,632.98	22,988.90	39,102.52	57,137.30	77,270.22	99,692.89	105,536.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	5.24%	6.24%	7.24%
Year 1 PV (M)	21,573.40	21,778.39	21,983.39
Year 2 PV (M)	34,435.43	35,092.96	35,756.71
Year 3 PV (M)	47,219.43	48,578.32	49,963.04
Year 4 PV (M)	59,925.76	62,236.13	64,612.68
Year 5 PV (M)	72,554.77	76,068.05	79,716.13
PV of Terminal Value (M)	3,002,279.03	3,147,656.81	3,298,612.47
Equity Value (M)	3,237,987.81	3,391,410.67	3,550,644.42
Shares Outstanding (M)	40.88	40.88	40.88
Fair Value	$79,207.75	$82,960.78	$86,855.97
Upside / Downside	243.63%	259.92%	276.82%

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Daewoong Co., Ltd. (003090.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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