DDM Analysis: 002140.KS

Valuation Snapshot

Stable Growth	$6,948.10 - $15,014.71	$9,930.09
Multi-Stage	$7,120.94 - $7,809.91	$7,458.97
Blended Fair Value	$8,694.53
Current Price	$2,610.00
Upside	233.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.58%	0.22%	24.96	24.96	39.94	34.95	29.96	29.96	34.95	29.31	29.74	43.54
YoY Growth	-	-	0.00%	-37.50%	14.29%	16.67%	0.00%	-14.29%	19.24%	-1.44%	-31.70%	78.25%
Dividend Yield	-	-	0.96%	0.79%	1.10%	0.96%	0.70%	1.49%	1.57%	0.85%	0.41%	2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,147.65
(-) Cash Dividends Paid (M)	740.14
(=) Cash Retained (M)	8,407.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,829.53	1,143.46	686.07
Cash Retained (M)	8,407.51	8,407.51	8,407.51
(-) Cash Required (M)	-1,829.53	-1,143.46	-686.07
(=) Excess Retained (M)	6,577.98	7,264.05	7,721.43
(/) Shares Outstanding (M)	24.71	24.71	24.71
(=) Excess Retained per Share	266.23	293.99	312.50
LTM Dividend per Share	29.96	29.96	29.96
(+) Excess Retained per Share	266.23	293.99	312.50
(=) Adjusted Dividend	296.18	323.95	342.46
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	3.21%	4.21%	5.21%
Fair Value	$6,948.10	$9,930.09	$15,014.71
Upside / Downside	166.21%	280.46%	475.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,147.65	9,533.01	9,934.61	10,353.12	10,789.27	11,243.79	11,581.10
Payout Ratio	8.09%	24.47%	40.85%	57.24%	73.62%	90.00%	92.50%
Projected Dividends (M)	740.14	2,333.00	4,058.75	5,925.76	7,942.87	10,119.41	10,712.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	3.21%	4.21%	5.21%
Year 1 PV (M)	2,147.16	2,167.97	2,188.77
Year 2 PV (M)	3,437.89	3,504.83	3,572.42
Year 3 PV (M)	4,619.49	4,755.07	4,893.27
Year 4 PV (M)	5,698.73	5,922.81	6,153.44
Year 5 PV (M)	6,681.99	7,012.02	7,354.97
PV of Terminal Value (M)	153,360.45	160,935.15	168,806.24
Equity Value (M)	175,945.71	184,297.85	192,969.11
Shares Outstanding (M)	24.71	24.71	24.71
Fair Value	$7,120.94	$7,458.97	$7,809.91
Upside / Downside	172.83%	185.78%	199.23%

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Korea Industrial Co., Ltd. (002140.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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