DDM Analysis: 029460.KS

Valuation Snapshot

Stable Growth	$277,184.97 - $1,331,619.21	$600,661.10
Multi-Stage	$145,456.83 - $159,261.11	$152,232.15
Blended Fair Value	$376,446.62
Current Price	$26,150.00
Upside	1,339.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.80%	7.05%	418.78	461.34	378.63	333.45	278.03	287.66	227.72	442.52	436.89	287.04
YoY Growth	-	-	-9.23%	21.84%	13.55%	19.94%	-3.35%	26.32%	-48.54%	1.29%	52.21%	35.47%
Dividend Yield	-	-	2.36%	1.90%	1.73%	1.48%	1.02%	2.27%	1.40%	1.91%	1.29%	0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74,922.20
(-) Cash Dividends Paid (M)	5,079.42
(=) Cash Retained (M)	69,842.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,984.44	9,365.28	5,619.17
Cash Retained (M)	69,842.78	69,842.78	69,842.78
(-) Cash Required (M)	-14,984.44	-9,365.28	-5,619.17
(=) Excess Retained (M)	54,858.34	60,477.51	64,223.62
(/) Shares Outstanding (M)	11.19	11.19	11.19
(=) Excess Retained per Share	4,902.66	5,404.84	5,739.63
LTM Dividend per Share	453.95	453.95	453.95
(+) Excess Retained per Share	4,902.66	5,404.84	5,739.63
(=) Adjusted Dividend	5,356.61	5,858.79	6,193.58
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$277,184.97	$600,661.10	$1,331,619.21
Upside / Downside	959.98%	2,196.98%	4,992.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74,922.20	79,792.15	84,978.64	90,502.25	96,384.89	102,649.91	105,729.41
Payout Ratio	6.78%	23.42%	40.07%	56.71%	73.36%	90.00%	92.50%
Projected Dividends (M)	5,079.42	18,690.25	34,049.03	51,325.49	70,704.02	92,384.92	97,799.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17,216.82	17,380.01	17,543.20
Year 2 PV (M)	28,892.17	29,442.49	29,997.99
Year 3 PV (M)	40,118.64	41,270.30	42,443.79
Year 4 PV (M)	50,909.04	52,866.86	54,880.61
Year 5 PV (M)	61,275.89	64,235.54	67,308.46
PV of Terminal Value (M)	1,429,176.63	1,498,206.40	1,569,878.09
Equity Value (M)	1,627,589.19	1,703,401.59	1,782,052.15
Shares Outstanding (M)	11.19	11.19	11.19
Fair Value	$145,456.83	$152,232.15	$159,261.11
Upside / Downside	456.24%	482.15%	509.03%

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KC Co., Ltd. (029460.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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