DDM Analysis: 000400.KS

Valuation Snapshot

Stable Growth	$1,242.46 - $1,963.85	$1,572.11
Multi-Stage	$3,072.99 - $3,390.37	$3,228.53
Blended Fair Value	$2,400.32
Current Price	$1,963.00
Upside	22.28%
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	2.56%	0.00%	10.08	10.08	10.08	8.83	8.88	8.88	8.57	4.29	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	14.19%	-0.61%	0.00%	3.57%	100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.57%	0.32%	0.68%	0.46%	0.48%	0.68%	0.31%	0.13%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38,800.22
(-) Cash Dividends Paid (M)	3,128.00
(=) Cash Retained (M)	35,672.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,760.04	4,850.03	2,910.02
Cash Retained (M)	35,672.22	35,672.22	35,672.22
(-) Cash Required (M)	-7,760.04	-4,850.03	-2,910.02
(=) Excess Retained (M)	27,912.18	30,822.19	32,762.20
(/) Shares Outstanding (M)	310.39	310.39	310.39
(=) Excess Retained per Share	89.93	99.30	105.55
LTM Dividend per Share	10.08	10.08	10.08
(+) Excess Retained per Share	89.93	99.30	105.55
(=) Adjusted Dividend	100.01	109.38	115.63
WACC / Discount Rate	5.89%	5.89%	5.89%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,242.46	$1,572.11	$1,963.85
Upside / Downside	-36.71%	-19.91%	0.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38,800.22	38,412.22	38,028.10	37,647.81	37,271.34	36,898.62	38,005.58
Payout Ratio	8.06%	24.45%	40.84%	57.22%	73.61%	90.00%	92.50%
Projected Dividends (M)	3,128.00	9,391.58	15,529.57	21,543.86	27,436.31	33,208.76	35,155.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.89%	5.89%	5.89%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8,779.76	8,869.35	8,958.94
Year 2 PV (M)	13,572.12	13,850.52	14,131.74
Year 3 PV (M)	17,601.76	18,146.10	18,701.56
Year 4 PV (M)	20,955.72	21,824.23	22,719.47
Year 5 PV (M)	23,712.30	24,947.05	26,232.72
PV of Terminal Value (M)	869,190.52	914,451.29	961,578.19
Equity Value (M)	953,812.17	1,002,088.54	1,052,322.61
Shares Outstanding (M)	310.39	310.39	310.39
Fair Value	$3,072.99	$3,228.53	$3,390.37
Upside / Downside	56.55%	64.47%	72.71%

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Lotte Non - Life Insurance Co., Ltd. (000400.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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