DDM Analysis: 013890.KS

Valuation Snapshot

Stable Growth	$25,111.20 - $42,908.54	$32,825.80
Multi-Stage	$102,641.22 - $113,401.47	$107,913.53
Blended Fair Value	$70,369.66
Current Price	$17,020.00
Upside	313.45%
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%	0.00%	86.77	464.67	392.01	338.93	480.25	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-81.33%	18.54%	15.66%	-29.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.44%	3.42%	1.68%	0.62%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,305.05
(-) Cash Dividends Paid (M)	1,973.32
(=) Cash Retained (M)	41,331.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,661.01	5,413.13	3,247.88
Cash Retained (M)	41,331.73	41,331.73	41,331.73
(-) Cash Required (M)	-8,661.01	-5,413.13	-3,247.88
(=) Excess Retained (M)	32,670.72	35,918.60	38,083.85
(/) Shares Outstanding (M)	20.92	20.92	20.92
(=) Excess Retained per Share	1,561.38	1,716.60	1,820.08
LTM Dividend per Share	94.31	94.31	94.31
(+) Excess Retained per Share	1,561.38	1,716.60	1,820.08
(=) Adjusted Dividend	1,655.69	1,810.91	1,914.39
WACC / Discount Rate	4.46%	4.46%	4.46%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$25,111.20	$32,825.80	$42,908.54
Upside / Downside	47.54%	92.87%	152.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,305.05	42,872.00	42,443.28	42,018.85	41,598.66	41,182.67	42,418.15
Payout Ratio	4.56%	21.65%	38.73%	55.82%	72.91%	90.00%	92.50%
Projected Dividends (M)	1,973.32	9,279.83	16,440.01	23,456.06	30,330.15	37,064.41	39,236.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.46%	4.46%	4.46%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8,793.76	8,883.49	8,973.22
Year 2 PV (M)	14,762.87	15,065.69	15,371.59
Year 3 PV (M)	19,959.90	20,577.17	21,207.04
Year 4 PV (M)	24,457.50	25,471.15	26,515.98
Year 5 PV (M)	28,322.33	29,797.14	31,332.75
PV of Terminal Value (M)	2,051,394.13	2,158,214.98	2,269,440.13
Equity Value (M)	2,147,690.48	2,258,009.62	2,372,840.72
Shares Outstanding (M)	20.92	20.92	20.92
Fair Value	$102,641.22	$107,913.53	$113,401.47
Upside / Downside	503.06%	534.04%	566.28%

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Zinus, Inc (013890.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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