DDM Analysis: 029530.KS

Valuation Snapshot

Stable Growth	$31,389.81 - $44,379.16	$37,813.06
Multi-Stage	$90,973.82 - $100,580.40	$95,678.67
Blended Fair Value	$66,745.86
Current Price	$44,250.00
Upside	50.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.84%	-5.23%	1,500.27	1,509.18	1,652.42	0.00	1,140.46	1,824.74	1,881.76	1,710.69	1,368.55	1,710.69
YoY Growth	-	-	-0.59%	-8.67%	0.00%	-100.00%	-37.50%	-3.03%	10.00%	25.00%	-20.00%	-33.33%
Dividend Yield	-	-	3.99%	3.81%	4.90%	0.00%	3.80%	8.18%	3.95%	2.57%	2.69%	3.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,598.46
(-) Cash Dividends Paid (M)	12,934.17
(=) Cash Retained (M)	30,664.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,719.69	5,449.81	3,269.88
Cash Retained (M)	30,664.29	30,664.29	30,664.29
(-) Cash Required (M)	-8,719.69	-5,449.81	-3,269.88
(=) Excess Retained (M)	21,944.60	25,214.48	27,394.40
(/) Shares Outstanding (M)	8.62	8.62	8.62
(=) Excess Retained per Share	2,545.41	2,924.69	3,177.54
LTM Dividend per Share	1,500.27	1,500.27	1,500.27
(+) Excess Retained per Share	2,545.41	2,924.69	3,177.54
(=) Adjusted Dividend	4,045.67	4,424.96	4,677.81
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	-5.84%	-4.84%	-3.84%
Fair Value	$31,389.81	$37,813.06	$44,379.16
Upside / Downside	-29.06%	-14.55%	0.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,598.46	41,488.20	39,480.08	37,569.16	35,750.73	34,020.32	35,040.93
Payout Ratio	29.67%	41.73%	53.80%	65.87%	77.93%	90.00%	92.50%
Projected Dividends (M)	12,934.17	17,314.38	21,240.26	24,745.54	27,861.73	30,618.29	32,412.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	-5.84%	-4.84%	-3.84%
Year 1 PV (M)	16,117.72	16,288.90	16,460.07
Year 2 PV (M)	18,405.75	18,798.78	19,195.95
Year 3 PV (M)	19,961.24	20,604.00	21,260.41
Year 4 PV (M)	20,921.63	21,824.66	22,756.62
Year 5 PV (M)	21,402.54	22,563.44	23,774.17
PV of Terminal Value (M)	687,499.17	724,789.92	763,681.56
Equity Value (M)	784,308.06	824,869.69	867,128.78
Shares Outstanding (M)	8.62	8.62	8.62
Fair Value	$90,973.82	$95,678.67	$100,580.40
Upside / Downside	105.59%	116.22%	127.30%

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sindoh Co.,Ltd. (029530.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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