DDM Analysis: 041510.KQ

Valuation Snapshot

Stable Growth	$116,903.78 - $176,892.76	$145,154.88
Multi-Stage	$230,540.29 - $254,127.68	$242,100.97
Blended Fair Value	$193,627.93
Current Price	$130,000.00
Upside	48.94%
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%	1,228.52	1,239.30	204.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-0.87%	506.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.14%	1.49%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	309,968.88
(-) Cash Dividends Paid (M)	12,888.06
(=) Cash Retained (M)	297,080.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61,993.78	38,746.11	23,247.67
Cash Retained (M)	297,080.82	297,080.82	297,080.82
(-) Cash Required (M)	-61,993.78	-38,746.11	-23,247.67
(=) Excess Retained (M)	235,087.04	258,334.71	273,833.15
(/) Shares Outstanding (M)	22.89	22.89	22.89
(=) Excess Retained per Share	10,268.28	11,283.70	11,960.65
LTM Dividend per Share	562.93	562.93	562.93
(+) Excess Retained per Share	10,268.28	11,283.70	11,960.65
(=) Adjusted Dividend	10,831.21	11,846.63	12,523.59
WACC / Discount Rate	7.08%	7.08%	7.08%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$116,903.78	$145,154.88	$176,892.76
Upside / Downside	-10.07%	11.66%	36.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	309,968.88	306,869.20	303,800.50	300,762.50	297,754.87	294,777.32	303,620.64
Payout Ratio	4.16%	21.33%	38.49%	55.66%	72.83%	90.00%	92.50%
Projected Dividends (M)	12,888.06	65,443.80	116,947.14	167,413.86	216,859.55	265,299.59	280,849.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.08%	7.08%	7.08%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	60,499.53	61,116.87	61,734.21
Year 2 PV (M)	99,943.96	101,994.04	104,064.93
Year 3 PV (M)	132,264.07	136,354.42	140,528.25
Year 4 PV (M)	158,384.44	164,948.73	171,714.99
Year 5 PV (M)	179,124.10	188,451.51	198,163.49
PV of Terminal Value (M)	4,647,888.66	4,889,915.00	5,141,920.26
Equity Value (M)	5,278,104.75	5,542,780.57	5,818,126.13
Shares Outstanding (M)	22.89	22.89	22.89
Fair Value	$230,540.29	$242,100.97	$254,127.68
Upside / Downside	77.34%	86.23%	95.48%

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SM Entertainment Co., Ltd. (041510.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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