DDM Analysis: 085370.KQ

Valuation Snapshot

Stable Growth	$26,479.60 - $72,926.25	$40,953.49
Multi-Stage	$18,027.73 - $19,693.30	$18,845.42
Blended Fair Value	$29,899.45
Current Price	$36,400.00
Upside	-17.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	42.51%	0.00%	190.00	0.00	4.34	5.84	28.05	32.33	20.21	9.48	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-25.82%	-79.17%	-13.22%	59.92%	113.18%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.75%	0.00%	0.02%	0.03%	0.14%	0.16%	0.10%	0.05%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,696.95
(-) Cash Dividends Paid (M)	8,264.27
(=) Cash Retained (M)	20,432.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,739.39	3,587.12	2,152.27
Cash Retained (M)	20,432.68	20,432.68	20,432.68
(-) Cash Required (M)	-5,739.39	-3,587.12	-2,152.27
(=) Excess Retained (M)	14,693.29	16,845.56	18,280.40
(/) Shares Outstanding (M)	26.17	26.17	26.17
(=) Excess Retained per Share	561.47	643.72	698.55
LTM Dividend per Share	315.80	315.80	315.80
(+) Excess Retained per Share	561.47	643.72	698.55
(=) Adjusted Dividend	877.28	959.52	1,014.35
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26,479.60	$40,953.49	$72,926.25
Upside / Downside	-27.25%	12.51%	100.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,696.95	30,562.25	32,548.79	34,664.47	36,917.66	39,317.30	40,496.82
Payout Ratio	28.80%	41.04%	53.28%	65.52%	77.76%	90.00%	92.50%
Projected Dividends (M)	8,264.27	12,542.36	17,341.69	22,711.94	28,707.05	35,385.57	37,459.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11,399.21	11,507.26	11,615.31
Year 2 PV (M)	14,324.58	14,597.43	14,872.85
Year 3 PV (M)	17,050.62	17,540.08	18,038.82
Year 4 PV (M)	19,587.08	20,340.35	21,115.13
Year 5 PV (M)	21,943.34	23,003.21	24,103.64
PV of Terminal Value (M)	387,464.55	406,179.24	425,610.17
Equity Value (M)	471,769.39	493,167.56	515,355.92
Shares Outstanding (M)	26.17	26.17	26.17
Fair Value	$18,027.73	$18,845.42	$19,693.30
Upside / Downside	-50.47%	-48.23%	-45.90%

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Lutronic Corporation (085370.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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