DDM Analysis: 366030.KQ

Valuation Snapshot

Stable Growth	$2,137.67 - $3,076.56	$2,595.84
Multi-Stage	$3,466.32 - $3,806.80	$3,633.27
Blended Fair Value	$3,114.55
Current Price	$4,660.00
Upside	-33.16%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	118.82	175.43	132.30	132.30	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-32.27%	32.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.05%	3.00%	1.47%	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)	6,912.51
(-) Cash Dividends Paid (M)	2,038.85
(=) Cash Retained (M)	4,873.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,382.50	864.06	518.44
Cash Retained (M)	4,873.66	4,873.66	4,873.66
(-) Cash Required (M)	-1,382.50	-864.06	-518.44
(=) Excess Retained (M)	3,491.16	4,009.60	4,355.22
(/) Shares Outstanding (M)	22.84	22.84	22.84
(=) Excess Retained per Share	152.83	175.52	190.65
LTM Dividend per Share	89.25	89.25	89.25
(+) Excess Retained per Share	152.83	175.52	190.65
(=) Adjusted Dividend	242.08	264.78	279.91
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2,137.67	$2,595.84	$3,076.56
Upside / Downside	-54.13%	-44.30%	-33.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,912.51	6,843.38	6,774.95	6,707.20	6,640.12	6,573.72	6,770.94
Payout Ratio	29.50%	41.60%	53.70%	65.80%	77.90%	90.00%	92.50%
Projected Dividends (M)	2,038.85	2,846.57	3,637.94	4,413.20	5,172.59	5,916.35	6,263.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2,582.84	2,609.19	2,635.55
Year 2 PV (M)	2,995.05	3,056.49	3,118.55
Year 3 PV (M)	3,296.68	3,398.63	3,502.66
Year 4 PV (M)	3,505.94	3,651.25	3,801.02
Year 5 PV (M)	3,638.52	3,827.98	4,025.26
PV of Terminal Value (M)	63,164.55	66,453.68	69,878.42
Equity Value (M)	79,183.57	82,997.21	86,961.45
Shares Outstanding (M)	22.84	22.84	22.84
Fair Value	$3,466.32	$3,633.27	$3,806.80
Upside / Downside	-25.62%	-22.03%	-18.31%

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09WOMEN Co., Ltd. (366030.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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