DDM Analysis: 008560.KS

Valuation Snapshot

Stable Growth	$83,283.66 - $268,946.70	$252,042.45
Multi-Stage	$35,063.84 - $38,398.44	$36,700.45
Blended Fair Value	$144,371.45
Current Price	$6,130.00
Upside	2,255.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	4.11%	26.95%	190.93	411.48	252.75	238.47	435.35	156.14	171.58	72.89	34.92	43.23
YoY Growth	-	-	-53.60%	62.80%	5.99%	-45.22%	178.82%	-9.00%	135.40%	108.72%	-19.22%	146.25%
Dividend Yield	-	-	3.11%	6.29%	5.48%	8.43%	8.39%	3.65%	4.61%	2.04%	0.67%	2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	822,095.09
(-) Cash Dividends Paid (M)	116,069.24
(=) Cash Retained (M)	706,025.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	164,419.02	102,761.89	61,657.13
Cash Retained (M)	706,025.84	706,025.84	706,025.84
(-) Cash Required (M)	-164,419.02	-102,761.89	-61,657.13
(=) Excess Retained (M)	541,606.83	603,263.96	644,368.71
(/) Shares Outstanding (M)	607.91	607.91	607.91
(=) Excess Retained per Share	890.94	992.36	1,059.98
LTM Dividend per Share	190.93	190.93	190.93
(+) Excess Retained per Share	890.94	992.36	1,059.98
(=) Adjusted Dividend	1,081.87	1,183.30	1,250.91
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$83,283.66	$252,042.45	$268,946.70
Upside / Downside	1,258.62%	4,011.62%	4,287.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	822,095.09	875,531.27	932,440.80	993,049.45	1,057,597.66	1,126,341.51	1,160,131.76
Payout Ratio	14.12%	29.29%	44.47%	59.65%	74.82%	90.00%	92.50%
Projected Dividends (M)	116,069.24	256,486.62	414,667.87	592,329.02	791,334.15	1,013,707.36	1,073,121.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	237,744.16	239,997.66	242,251.16
Year 2 PV (M)	356,279.37	363,065.49	369,915.63
Year 3 PV (M)	471,735.37	485,277.20	499,075.74
Year 4 PV (M)	584,171.66	606,637.25	629,744.67
Year 5 PV (M)	693,646.69	727,150.08	761,935.73
PV of Terminal Value (M)	18,971,923.32	19,888,274.31	20,839,696.21
Equity Value (M)	21,315,500.56	22,310,401.99	23,342,619.13
Shares Outstanding (M)	607.91	607.91	607.91
Fair Value	$35,063.84	$36,700.45	$38,398.44
Upside / Downside	472.00%	498.70%	526.40%

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Meritz Securities Co., Ltd. (008560.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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