DDM Analysis: 060370.KS

Valuation Snapshot

Stable Growth	$55,938.50 - $65,905.03	$61,762.66
Multi-Stage	$42,555.84 - $46,698.06	$44,588.30
Blended Fair Value	$53,175.48
Current Price	$22,300.00
Upside	138.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.87%	5.05%	118.93	22.30	18.64	18.64	18.64	18.64	31.06	31.06	31.06	74.55
YoY Growth	-	-	433.33%	19.65%	0.00%	0.00%	0.00%	-40.00%	0.00%	0.00%	-58.33%	2.56%
Dividend Yield	-	-	0.84%	0.23%	0.27%	0.31%	0.30%	0.62%	0.88%	0.64%	0.61%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,964.10
(-) Cash Dividends Paid (M)	5,011.68
(=) Cash Retained (M)	5,952.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,192.82	1,370.51	822.31
Cash Retained (M)	5,952.42	5,952.42	5,952.42
(-) Cash Required (M)	-2,192.82	-1,370.51	-822.31
(=) Excess Retained (M)	3,759.60	4,581.91	5,130.11
(/) Shares Outstanding (M)	33.09	33.09	33.09
(=) Excess Retained per Share	113.63	138.49	155.06
LTM Dividend per Share	151.48	151.48	151.48
(+) Excess Retained per Share	113.63	138.49	155.06
(=) Adjusted Dividend	265.11	289.97	306.54
WACC / Discount Rate	0.07%	0.07%	0.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$55,938.50	$61,762.66	$65,905.03
Upside / Downside	150.85%	176.96%	195.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,964.10	11,676.76	12,435.75	13,244.07	14,104.94	15,021.76	15,472.41
Payout Ratio	45.71%	54.57%	63.43%	72.28%	81.14%	90.00%	92.50%
Projected Dividends (M)	5,011.68	6,371.77	7,887.49	9,573.34	11,445.03	13,519.58	14,311.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.07%	0.07%	0.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,307.81	6,367.60	6,427.39
Year 2 PV (M)	7,729.95	7,877.18	8,025.80
Year 3 PV (M)	9,287.95	9,554.57	9,826.25
Year 4 PV (M)	10,992.38	11,415.12	11,849.93
Year 5 PV (M)	12,854.56	13,475.44	14,120.08
PV of Terminal Value (M)	1,360,798.00	1,426,525.05	1,494,767.63
Equity Value (M)	1,407,970.65	1,475,214.96	1,545,017.09
Shares Outstanding (M)	33.09	33.09	33.09
Fair Value	$42,555.84	$44,588.30	$46,698.06
Upside / Downside	90.83%	99.95%	109.41%

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LS Marine Solution Co Ltd (060370.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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