DDM Analysis: 185750.KS

Valuation Snapshot

Stable Growth	$377,957.32 - $919,664.34	$861,860.17
Multi-Stage	$132,894.01 - $145,526.18	$139,093.79
Blended Fair Value	$500,476.98
Current Price	$82,900.00
Upside	503.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.57%	16.80%	1,010.85	880.23	852.20	819.56	703.45	670.23	641.75	641.75	427.83	570.44
YoY Growth	-	-	14.84%	3.29%	3.98%	16.50%	4.96%	4.44%	0.00%	50.00%	-25.00%	166.67%
Dividend Yield	-	-	1.30%	0.83%	1.21%	0.96%	0.62%	1.01%	0.82%	0.71%	0.57%	0.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60,985.71
(-) Cash Dividends Paid (M)	13,823.94
(=) Cash Retained (M)	47,161.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,197.14	7,623.21	4,573.93
Cash Retained (M)	47,161.77	47,161.77	47,161.77
(-) Cash Required (M)	-12,197.14	-7,623.21	-4,573.93
(=) Excess Retained (M)	34,964.63	39,538.56	42,587.84
(/) Shares Outstanding (M)	13.19	13.19	13.19
(=) Excess Retained per Share	2,651.25	2,998.07	3,229.29
LTM Dividend per Share	1,048.22	1,048.22	1,048.22
(+) Excess Retained per Share	2,651.25	2,998.07	3,229.29
(=) Adjusted Dividend	3,699.47	4,046.29	4,277.51
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$377,957.32	$861,860.17	$919,664.34
Upside / Downside	355.92%	939.64%	1,009.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60,985.71	64,949.78	69,171.52	73,667.67	78,456.07	83,555.71	86,062.38
Payout Ratio	22.67%	36.13%	49.60%	63.07%	76.53%	90.00%	92.50%
Projected Dividends (M)	13,823.94	23,468.96	34,309.42	46,459.99	60,045.17	75,200.14	79,607.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	21,822.98	22,029.83	22,236.68
Year 2 PV (M)	29,665.64	30,230.69	30,801.06
Year 3 PV (M)	37,354.21	38,426.52	39,519.15
Year 4 PV (M)	44,890.95	46,617.33	48,393.03
Year 5 PV (M)	52,278.06	54,803.11	57,424.80
PV of Terminal Value (M)	1,566,594.35	1,642,261.44	1,720,824.49
Equity Value (M)	1,752,606.18	1,834,368.91	1,919,199.21
Shares Outstanding (M)	13.19	13.19	13.19
Fair Value	$132,894.01	$139,093.79	$145,526.18
Upside / Downside	60.31%	67.79%	75.54%

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Chong Kun Dang Pharmaceutical Corp. (185750.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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