DDM Analysis: 001820.KS

Valuation Snapshot

Stable Growth	$49,651.19 - $291,572.80	$91,584.69
Multi-Stage	$38,866.54 - $42,578.80	$40,688.19
Blended Fair Value	$66,136.44
Current Price	$32,150.00
Upside	105.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.09%	28.62%	499.76	507.95	499.68	322.40	268.21	323.52	161.88	60.81	52.52	57.08
YoY Growth	-	-	-1.61%	1.65%	54.99%	20.21%	-17.10%	99.84%	166.21%	15.79%	-7.99%	41.55%
Dividend Yield	-	-	2.00%	1.43%	1.02%	0.57%	0.39%	0.80%	0.28%	0.13%	0.43%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,239.74
(-) Cash Dividends Paid (M)	5,396.84
(=) Cash Retained (M)	9,842.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,047.95	1,904.97	1,142.98
Cash Retained (M)	9,842.90	9,842.90	9,842.90
(-) Cash Required (M)	-3,047.95	-1,904.97	-1,142.98
(=) Excess Retained (M)	6,794.95	7,937.93	8,699.92
(/) Shares Outstanding (M)	10.27	10.27	10.27
(=) Excess Retained per Share	661.80	773.12	847.33
LTM Dividend per Share	525.63	525.63	525.63
(+) Excess Retained per Share	661.80	773.12	847.33
(=) Adjusted Dividend	1,187.43	1,298.75	1,372.96
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	4.18%	5.18%	6.18%
Fair Value	$49,651.19	$91,584.69	$291,572.80
Upside / Downside	54.44%	184.87%	806.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,239.74	16,029.75	16,860.71	17,734.75	18,654.10	19,621.11	20,209.74
Payout Ratio	35.41%	46.33%	57.25%	68.17%	79.08%	90.00%	92.50%
Projected Dividends (M)	5,396.84	7,426.64	9,652.38	12,088.92	14,752.15	17,659.00	18,694.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	4.18%	5.18%	6.18%
Year 1 PV (M)	6,895.71	6,961.90	7,028.09
Year 2 PV (M)	8,321.62	8,482.14	8,644.18
Year 3 PV (M)	9,677.16	9,958.50	10,245.24
Year 4 PV (M)	10,964.84	11,391.92	11,831.35
Year 5 PV (M)	12,187.08	12,783.30	13,402.63
PV of Terminal Value (M)	351,012.24	368,184.55	386,022.47
Equity Value (M)	399,058.65	417,762.30	437,173.96
Shares Outstanding (M)	10.27	10.27	10.27
Fair Value	$38,866.54	$40,688.19	$42,578.80
Upside / Downside	20.89%	26.56%	32.44%

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SAMWHA CAPACITOR Co.,LTD (001820.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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