DDM Analysis: 003090.KS

Valuation Snapshot

Stable Growth	$159,328.36 - $397,209.86	$372,235.30
Multi-Stage	$60,662.01 - $66,482.50	$63,518.37
Blended Fair Value	$217,876.83
Current Price	$23,050.00
Upside	845.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.67%	-0.64%	200.46	198.61	101.68	103.89	105.64	105.64	105.64	187.83	200.14	200.14
YoY Growth	-	-	0.93%	95.33%	-2.13%	-1.66%	0.00%	0.00%	-43.76%	-6.15%	0.00%	-6.41%
Dividend Yield	-	-	1.07%	0.98%	0.67%	0.33%	0.32%	0.94%	0.53%	0.89%	1.91%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81,847.11
(-) Cash Dividends Paid (M)	8,632.98
(=) Cash Retained (M)	73,214.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16,369.42	10,230.89	6,138.53
Cash Retained (M)	73,214.13	73,214.13	73,214.13
(-) Cash Required (M)	-16,369.42	-10,230.89	-6,138.53
(=) Excess Retained (M)	56,844.71	62,983.24	67,075.60
(/) Shares Outstanding (M)	40.88	40.88	40.88
(=) Excess Retained per Share	1,390.54	1,540.70	1,640.81
LTM Dividend per Share	211.18	211.18	211.18
(+) Excess Retained per Share	1,390.54	1,540.70	1,640.81
(=) Adjusted Dividend	1,601.72	1,751.88	1,851.99
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.24%	6.24%	7.24%
Fair Value	$159,328.36	$372,235.30	$397,209.86
Upside / Downside	591.23%	1,514.90%	1,623.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81,847.11	86,953.49	92,378.46	98,141.88	104,264.87	110,769.88	114,092.98
Payout Ratio	10.55%	26.44%	42.33%	58.22%	74.11%	90.00%	92.50%
Projected Dividends (M)	8,632.98	22,988.90	39,102.52	57,137.30	77,270.22	99,692.89	105,536.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.24%	6.24%	7.24%
Year 1 PV (M)	21,423.50	21,627.07	21,830.64
Year 2 PV (M)	33,958.55	34,606.98	35,261.54
Year 3 PV (M)	46,241.97	47,572.73	48,928.79
Year 4 PV (M)	58,277.51	60,524.33	62,835.51
Year 5 PV (M)	70,068.89	73,461.80	76,984.88
PV of Terminal Value (M)	2,249,873.48	2,358,817.92	2,471,942.36
Equity Value (M)	2,479,843.89	2,596,610.83	2,717,783.72
Shares Outstanding (M)	40.88	40.88	40.88
Fair Value	$60,662.01	$63,518.37	$66,482.50
Upside / Downside	163.18%	175.57%	188.43%

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Daewoong Co., Ltd. (003090.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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