DDM Analysis: 000590.KS

Valuation Snapshot

Stable Growth	$246,459.39 - $376,805.00	$307,399.83
Multi-Stage	$411,699.73 - $453,202.24	$432,046.25
Blended Fair Value	$369,723.04
Current Price	$83,200.00
Upside	344.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.61%	0.00%	729.73	1,178.33	1,194.60	555.54	555.54	555.54	555.54	1,495.23	0.00	0.00
YoY Growth	-	-	-38.07%	-1.36%	115.04%	0.00%	0.00%	0.00%	-62.85%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.02%	1.79%	2.05%	0.77%	0.86%	1.39%	0.90%	1.97%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,128.46
(-) Cash Dividends Paid (M)	705.09
(=) Cash Retained (M)	27,423.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,625.69	3,516.06	2,109.63
Cash Retained (M)	27,423.37	27,423.37	27,423.37
(-) Cash Required (M)	-5,625.69	-3,516.06	-2,109.63
(=) Excess Retained (M)	21,797.68	23,907.32	25,313.74
(/) Shares Outstanding (M)	1.03	1.03	1.03
(=) Excess Retained per Share	21,109.07	23,152.06	24,514.05
LTM Dividend per Share	682.82	682.82	682.82
(+) Excess Retained per Share	21,109.07	23,152.06	24,514.05
(=) Adjusted Dividend	21,791.89	23,834.88	25,196.87
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	-0.99%	0.01%	1.01%
Fair Value	$246,459.39	$307,399.83	$376,805.00
Upside / Downside	196.23%	269.47%	352.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,128.46	28,132.24	28,136.02	28,139.80	28,143.58	28,147.35	28,991.78
Payout Ratio	2.51%	20.01%	37.50%	55.00%	72.50%	90.00%	92.50%
Projected Dividends (M)	705.09	5,627.95	10,552.13	15,477.64	20,404.47	25,332.62	26,817.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	-0.99%	0.01%	1.01%
Year 1 PV (M)	5,170.06	5,222.28	5,274.49
Year 2 PV (M)	8,904.94	9,085.72	9,268.32
Year 3 PV (M)	11,998.87	12,366.11	12,740.77
Year 4 PV (M)	14,531.36	15,127.36	15,741.51
Year 5 PV (M)	16,573.20	17,427.19	18,316.03
PV of Terminal Value (M)	367,951.56	386,911.58	406,645.26
Equity Value (M)	425,129.99	446,140.24	467,986.38
Shares Outstanding (M)	1.03	1.03	1.03
Fair Value	$411,699.73	$432,046.25	$453,202.24
Upside / Downside	394.83%	419.29%	444.71%

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CS Holdings Co., Ltd. (000590.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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