DDM Analysis: 052690.KS

Valuation Snapshot

Stable Growth	$54,018.11 - $123,321.31	$78,687.71
Multi-Stage	$70,593.90 - $77,469.39	$73,966.58
Blended Fair Value	$76,327.15
Current Price	$83,800.00
Upside	-8.92%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.76%	2.38%	514.96	282.98	237.98	281.98	309.98	139.99	219.98	109.99	199.98	574.95
YoY Growth	-	-	81.98%	18.91%	-15.60%	-9.03%	121.43%	-36.36%	100.00%	-45.00%	-65.22%	41.30%
Dividend Yield	-	-	0.90%	0.43%	0.32%	0.34%	1.38%	0.93%	0.91%	0.35%	0.72%	1.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	103,865.00
(-) Cash Dividends Paid (M)	38,005.46
(=) Cash Retained (M)	65,859.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20,773.00	12,983.13	7,789.88
Cash Retained (M)	65,859.54	65,859.54	65,859.54
(-) Cash Required (M)	-20,773.00	-12,983.13	-7,789.88
(=) Excess Retained (M)	45,086.54	52,876.41	58,069.66
(/) Shares Outstanding (M)	38.05	38.05	38.05
(=) Excess Retained per Share	1,185.04	1,389.78	1,526.28
LTM Dividend per Share	998.92	998.92	998.92
(+) Excess Retained per Share	1,185.04	1,389.78	1,526.28
(=) Adjusted Dividend	2,183.96	2,388.71	2,525.20
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	2.29%	3.29%	4.29%
Fair Value	$54,018.11	$78,687.71	$123,321.31
Upside / Downside	-35.54%	-6.10%	47.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	103,865.00	107,277.36	110,801.84	114,442.10	118,201.97	122,085.36	125,747.92
Payout Ratio	36.59%	47.27%	57.95%	68.64%	79.32%	90.00%	92.50%
Projected Dividends (M)	38,005.46	50,713.19	64,214.90	78,549.04	93,755.72	109,876.82	116,316.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	2.29%	3.29%	4.29%
Year 1 PV (M)	47,192.09	47,653.46	48,114.84
Year 2 PV (M)	55,607.36	56,699.97	57,803.21
Year 3 PV (M)	63,297.34	65,172.05	67,083.40
Year 4 PV (M)	70,305.71	73,095.69	75,967.89
Year 5 PV (M)	76,673.83	80,495.87	84,468.83
PV of Terminal Value (M)	2,372,774.35	2,491,052.50	2,614,001.07
Equity Value (M)	2,685,850.67	2,814,169.54	2,947,439.25
Shares Outstanding (M)	38.05	38.05	38.05
Fair Value	$70,593.90	$73,966.58	$77,469.39
Upside / Downside	-15.76%	-11.73%	-7.55%

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KEPCO Engineering & Construction Company, Inc. (052690.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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