DDM Analysis: 017550.KS

Valuation Snapshot

Stable Growth	$3,069.26 - $5,862.67	$4,192.28
Multi-Stage	$3,448.34 - $3,783.65	$3,612.84
Blended Fair Value	$3,902.56
Current Price	$1,805.00
Upside	116.21%
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%	10.02	8.67	8.67	8.26	8.26	0.00	0.00	8.26	0.00	12.16
YoY Growth	-	-	15.59%	0.00%	4.94%	0.00%	0.00%	0.00%	-100.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.57%	0.41%	0.32%	0.26%	0.18%	0.00%	0.00%	0.54%	0.00%	0.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,155.81
(-) Cash Dividends Paid (M)	624.00
(=) Cash Retained (M)	11,531.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,431.16	1,519.48	911.69
Cash Retained (M)	11,531.81	11,531.81	11,531.81
(-) Cash Required (M)	-2,431.16	-1,519.48	-911.69
(=) Excess Retained (M)	9,100.64	10,012.33	10,620.12
(/) Shares Outstanding (M)	62.25	62.25	62.25
(=) Excess Retained per Share	146.19	160.84	170.60
LTM Dividend per Share	10.02	10.02	10.02
(+) Excess Retained per Share	146.19	160.84	170.60
(=) Adjusted Dividend	156.22	170.86	180.62
WACC / Discount Rate	7.85%	7.85%	7.85%
Growth Rate	2.63%	3.63%	4.63%
Fair Value	$3,069.26	$4,192.28	$5,862.67
Upside / Downside	70.04%	132.26%	224.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,155.81	12,597.21	13,054.63	13,528.66	14,019.91	14,528.99	14,964.86
Payout Ratio	5.13%	22.11%	39.08%	56.05%	73.03%	90.00%	92.50%
Projected Dividends (M)	624.00	2,784.83	5,101.75	7,583.27	10,238.27	13,076.09	13,842.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.85%	7.85%	7.85%
Growth Rate	2.63%	3.63%	4.63%
Year 1 PV (M)	2,557.10	2,582.02	2,606.93
Year 2 PV (M)	4,301.49	4,385.72	4,470.77
Year 3 PV (M)	5,870.91	6,044.20	6,220.86
Year 4 PV (M)	7,278.22	7,566.05	7,862.35
Year 5 PV (M)	8,535.44	8,959.45	9,400.15
PV of Terminal Value (M)	186,120.40	195,366.27	204,975.99
Equity Value (M)	214,663.54	224,903.70	235,537.04
Shares Outstanding (M)	62.25	62.25	62.25
Fair Value	$3,448.34	$3,612.84	$3,783.65
Upside / Downside	91.04%	100.16%	109.62%

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Soosan Cebotics Co., Ltd. (017550.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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