DDM Analysis: 033530.KS

Valuation Snapshot

Stable Growth	$200,787.66 - $490,932.87	$460,075.99
Multi-Stage	$70,057.25 - $76,760.36	$73,346.92
Blended Fair Value	$266,711.46
Current Price	$6,060.00
Upside	4,301.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.89%	0.19%	150.04	100.03	100.03	49.77	40.08	36.20	71.10	144.27	182.31	110.41
YoY Growth	-	-	50.00%	0.00%	100.98%	24.17%	10.74%	-49.09%	-50.71%	-20.87%	65.13%	-25.00%
Dividend Yield	-	-	3.75%	1.69%	1.57%	0.65%	0.44%	1.22%	1.03%	1.77%	1.86%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66,763.17
(-) Cash Dividends Paid (M)	4,403.06
(=) Cash Retained (M)	62,360.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,352.63	8,345.40	5,007.24
Cash Retained (M)	62,360.11	62,360.11	62,360.11
(-) Cash Required (M)	-13,352.63	-8,345.40	-5,007.24
(=) Excess Retained (M)	49,007.47	54,014.71	57,352.87
(/) Shares Outstanding (M)	27.05	27.05	27.05
(=) Excess Retained per Share	1,812.04	1,997.18	2,120.61
LTM Dividend per Share	162.80	162.80	162.80
(+) Excess Retained per Share	1,812.04	1,997.18	2,120.61
(=) Adjusted Dividend	1,974.84	2,159.98	2,283.41
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$200,787.66	$460,075.99	$490,932.87
Upside / Downside	3,213.33%	7,492.01%	8,001.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66,763.17	71,102.77	75,724.45	80,646.54	85,888.57	91,471.32	94,215.46
Payout Ratio	6.60%	23.28%	39.96%	56.64%	73.32%	90.00%	92.50%
Projected Dividends (M)	4,403.06	16,549.91	30,257.24	45,676.60	62,972.65	82,324.19	87,149.30

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)	15,388.47	15,534.33	15,680.19
Year 2 PV (M)	26,159.46	26,657.73	27,160.69
Year 3 PV (M)	36,719.19	37,773.27	38,847.33
Year 4 PV (M)	47,070.74	48,880.95	50,742.87
Year 5 PV (M)	57,217.17	59,980.78	62,850.16
PV of Terminal Value (M)	1,712,178.22	1,794,877.07	1,880,741.00
Equity Value (M)	1,894,733.25	1,983,704.12	2,076,022.24
Shares Outstanding (M)	27.05	27.05	27.05
Fair Value	$70,057.25	$73,346.92	$76,760.36
Upside / Downside	1,056.06%	1,110.35%	1,166.67%

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Sjg Sejong Co. Ltd. (033530.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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