DDM Analysis: 003610.KS

Valuation Snapshot

Stable Growth	$456.42 - $648.90	$551.21
Multi-Stage	$1,348.87 - $1,486.90	$1,416.49
Blended Fair Value	$983.85
Current Price	$4,390.00
Upside	-77.59%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.38%	3.18%	40.94	48.48	51.53	40.08	46.29	66.99	60.06	45.50	34.99	29.93
YoY Growth	-	-	-15.56%	-5.90%	28.57%	-13.43%	-30.89%	11.54%	32.00%	30.03%	16.90%	0.00%
Dividend Yield	-	-	0.96%	2.23%	1.08%	1.52%	2.42%	3.14%	2.43%	2.28%	1.55%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,405.11
(-) Cash Dividends Paid (M)	1,966.92
(=) Cash Retained (M)	438.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	481.02	300.64	180.38
Cash Retained (M)	438.19	438.19	438.19
(-) Cash Required (M)	-481.02	-300.64	-180.38
(=) Excess Retained (M)	-42.83	137.55	257.81
(/) Shares Outstanding (M)	33.78	33.78	33.78
(=) Excess Retained per Share	-1.27	4.07	7.63
LTM Dividend per Share	58.22	58.22	58.22
(+) Excess Retained per Share	-1.27	4.07	7.63
(=) Adjusted Dividend	56.96	62.30	65.86
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-5.46%	-4.46%	-3.46%
Fair Value	$456.42	$551.21	$648.90
Upside / Downside	-89.60%	-87.44%	-85.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,405.11	2,297.77	2,195.23	2,097.26	2,003.66	1,914.24	1,971.66
Payout Ratio	81.78%	83.42%	85.07%	86.71%	88.36%	90.00%	92.50%
Projected Dividends (M)	1,966.92	1,916.91	1,867.45	1,818.58	1,770.36	1,722.81	1,823.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-5.46%	-4.46%	-3.46%
Year 1 PV (M)	1,783.85	1,802.72	1,821.59
Year 2 PV (M)	1,617.19	1,651.58	1,686.34
Year 3 PV (M)	1,465.55	1,512.55	1,560.55
Year 4 PV (M)	1,327.66	1,384.73	1,443.62
Year 5 PV (M)	1,202.32	1,267.27	1,334.99
PV of Terminal Value (M)	38,170.72	40,232.71	42,382.85
Equity Value (M)	45,567.28	47,851.55	50,229.94
Shares Outstanding (M)	33.78	33.78	33.78
Fair Value	$1,348.87	$1,416.49	$1,486.90
Upside / Downside	-69.27%	-67.73%	-66.13%

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Pangrim Co., Ltd. (003610.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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