DDM Analysis: 000500.KS

Valuation Snapshot

Stable Growth	$82,681.42 - $238,432.45	$129,625.31
Multi-Stage	$61,139.84 - $66,878.05	$63,956.35
Blended Fair Value	$96,790.83
Current Price	$55,400.00
Upside	74.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	10.49	111.43	159.18	159.20	159.07	159.07	159.07	159.07	159.07
YoY Growth	-	-	-100.00%	-90.59%	-30.00%	-0.01%	0.08%	0.00%	0.00%	0.00%	0.00%	-40.00%
Dividend Yield	-	-	0.00%	0.04%	0.73%	0.73%	0.68%	1.45%	1.16%	0.87%	0.89%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49,368.56
(-) Cash Dividends Paid (M)	12,113.22
(=) Cash Retained (M)	37,255.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,873.71	6,171.07	3,702.64
Cash Retained (M)	37,255.34	37,255.34	37,255.34
(-) Cash Required (M)	-9,873.71	-6,171.07	-3,702.64
(=) Excess Retained (M)	27,381.63	31,084.27	33,552.70
(/) Shares Outstanding (M)	14.81	14.81	14.81
(=) Excess Retained per Share	1,848.52	2,098.48	2,265.12
LTM Dividend per Share	817.76	817.76	817.76
(+) Excess Retained per Share	1,848.52	2,098.48	2,265.12
(=) Adjusted Dividend	2,666.27	2,916.24	3,082.88
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	4.87%	5.87%	6.87%
Fair Value	$82,681.42	$129,625.31	$238,432.45
Upside / Downside	49.24%	133.98%	330.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49,368.56	52,266.61	55,334.78	58,583.06	62,022.02	65,662.85	67,632.74
Payout Ratio	24.54%	37.63%	50.72%	63.81%	76.91%	90.00%	92.50%
Projected Dividends (M)	12,113.22	19,667.42	28,066.79	37,384.50	47,699.43	59,096.57	62,560.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	4.87%	5.87%	6.87%
Year 1 PV (M)	17,996.57	18,168.18	18,339.79
Year 2 PV (M)	23,500.51	23,950.83	24,405.42
Year 3 PV (M)	28,642.99	29,470.21	30,313.21
Year 4 PV (M)	33,441.24	34,735.13	36,066.20
Year 5 PV (M)	37,911.73	39,754.09	41,667.39
PV of Terminal Value (M)	764,156.15	801,291.06	839,855.81
Equity Value (M)	905,649.19	947,369.49	990,647.82
Shares Outstanding (M)	14.81	14.81	14.81
Fair Value	$61,139.84	$63,956.35	$66,878.05
Upside / Downside	10.36%	15.44%	20.72%

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GAON CABLE Co., Ltd. (000500.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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