DDM Analysis: 001250.KS

Valuation Snapshot

Stable Growth	$3,742.26 - $5,989.01	$4,760.21
Multi-Stage	$7,545.73 - $8,314.09	$7,922.37
Blended Fair Value	$6,341.29
Current Price	$2,485.00
Upside	155.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.29%	-7.98%	25.18	0.00	0.00	0.37	0.37	25.55	25.18	0.00	0.37	35.71
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	-98.57%	1.45%	0.00%	-100.00%	-98.97%	-38.24%
Dividend Yield	-	-	1.00%	0.00%	0.00%	0.01%	0.01%	2.04%	0.96%	0.00%	0.01%	1.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29,472.54
(-) Cash Dividends Paid (M)	2,062.38
(=) Cash Retained (M)	27,410.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,894.51	3,684.07	2,210.44
Cash Retained (M)	27,410.16	27,410.16	27,410.16
(-) Cash Required (M)	-5,894.51	-3,684.07	-2,210.44
(=) Excess Retained (M)	21,515.65	23,726.09	25,199.72
(/) Shares Outstanding (M)	81.90	81.90	81.90
(=) Excess Retained per Share	262.69	289.68	307.67
LTM Dividend per Share	25.18	25.18	25.18
(+) Excess Retained per Share	262.69	289.68	307.67
(=) Adjusted Dividend	287.87	314.86	332.85
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-1.11%	-0.11%	0.89%
Fair Value	$3,742.26	$4,760.21	$5,989.01
Upside / Downside	50.59%	91.56%	141.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29,472.54	29,441.45	29,410.39	29,379.36	29,348.37	29,317.40	30,196.93
Payout Ratio	7.00%	23.60%	40.20%	56.80%	73.40%	90.00%	92.50%
Projected Dividends (M)	2,062.38	6,947.62	11,822.56	16,687.20	21,541.56	26,385.66	27,932.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-1.11%	-0.11%	0.89%
Year 1 PV (M)	6,458.17	6,523.47	6,588.78
Year 2 PV (M)	10,215.46	10,423.09	10,632.82
Year 3 PV (M)	13,403.03	13,813.74	14,232.75
Year 4 PV (M)	16,083.10	16,743.55	17,424.13
Year 5 PV (M)	18,311.91	19,256.66	20,240.00
PV of Terminal Value (M)	553,559.68	582,118.82	611,844.72
Equity Value (M)	618,031.34	648,879.33	680,963.20
Shares Outstanding (M)	81.90	81.90	81.90
Fair Value	$7,545.73	$7,922.37	$8,314.09
Upside / Downside	203.65%	218.81%	234.57%

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GS Global Corp. (001250.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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