DDM Analysis: 023800.KS

Valuation Snapshot

Stable Growth	$94,239.03 - $230,410.29	$215,928.19
Multi-Stage	$33,066.57 - $36,219.70	$34,614.07
Blended Fair Value	$125,271.13
Current Price	$5,670.00
Upside	2,109.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.88%	7.65%	199.77	193.50	145.12	95.61	95.61	95.61	143.41	95.61	143.41	95.61
YoY Growth	-	-	3.24%	33.33%	51.79%	0.00%	0.00%	-33.33%	50.00%	-33.33%	50.00%	0.00%
Dividend Yield	-	-	3.57%	2.49%	1.66%	0.79%	0.66%	2.96%	1.96%	1.32%	2.90%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,594.60
(-) Cash Dividends Paid (M)	2,601.80
(=) Cash Retained (M)	14,992.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,518.92	2,199.32	1,319.59
Cash Retained (M)	14,992.80	14,992.80	14,992.80
(-) Cash Required (M)	-3,518.92	-2,199.32	-1,319.59
(=) Excess Retained (M)	11,473.88	12,793.48	13,673.21
(/) Shares Outstanding (M)	15.19	15.19	15.19
(=) Excess Retained per Share	755.53	842.42	900.35
LTM Dividend per Share	171.32	171.32	171.32
(+) Excess Retained per Share	755.53	842.42	900.35
(=) Adjusted Dividend	926.85	1,013.75	1,071.68
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$94,239.03	$215,928.19	$230,410.29
Upside / Downside	1,562.06%	3,708.26%	3,963.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,594.60	18,738.25	19,956.23	21,253.39	22,634.86	24,106.13	24,829.31
Payout Ratio	14.79%	29.83%	44.87%	59.91%	74.96%	90.00%	92.50%
Projected Dividends (M)	2,601.80	5,589.61	8,954.86	12,733.97	16,966.52	21,695.51	22,967.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,197.35	5,246.61	5,295.88
Year 2 PV (M)	7,742.09	7,889.56	8,038.42
Year 3 PV (M)	10,236.78	10,530.64	10,830.07
Year 4 PV (M)	12,682.14	13,169.86	13,671.51
Year 5 PV (M)	15,078.89	15,807.21	16,563.40
PV of Terminal Value (M)	451,228.17	473,022.66	495,651.27
Equity Value (M)	502,165.42	525,666.54	550,050.55
Shares Outstanding (M)	15.19	15.19	15.19
Fair Value	$33,066.57	$34,614.07	$36,219.70
Upside / Downside	483.18%	510.48%	538.80%

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INZI Controls Co.,Ltd. (023800.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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