DDM Analysis: 004090.KS

Valuation Snapshot

Stable Growth	$105,364.25 - $202,780.76	$190,035.27
Multi-Stage	$31,114.16 - $34,089.36	$32,574.29
Blended Fair Value	$111,304.78
Current Price	$13,790.00
Upside	707.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.32%	8.37%	114.54	105.00	105.78	76.93	73.37	73.37	100.96	75.83	66.44	51.15
YoY Growth	-	-	9.09%	-0.74%	37.50%	4.85%	0.00%	-27.33%	33.15%	14.13%	29.89%	-0.27%
Dividend Yield	-	-	0.94%	0.84%	1.03%	0.46%	0.55%	1.71%	1.63%	1.52%	1.18%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,025.64
(-) Cash Dividends Paid (M)	1,662.01
(=) Cash Retained (M)	11,363.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,605.13	1,628.20	976.92
Cash Retained (M)	11,363.62	11,363.62	11,363.62
(-) Cash Required (M)	-2,605.13	-1,628.20	-976.92
(=) Excess Retained (M)	8,758.50	9,735.42	10,386.70
(/) Shares Outstanding (M)	12.77	12.77	12.77
(=) Excess Retained per Share	685.61	762.08	813.06
LTM Dividend per Share	130.10	130.10	130.10
(+) Excess Retained per Share	685.61	762.08	813.06
(=) Adjusted Dividend	815.71	892.18	943.17
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$105,364.25	$190,035.27	$202,780.76
Upside / Downside	664.06%	1,278.07%	1,370.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,025.64	13,872.30	14,774.00	15,734.31	16,757.04	17,846.25	18,381.64
Payout Ratio	12.76%	28.21%	43.66%	59.10%	74.55%	90.00%	92.50%
Projected Dividends (M)	1,662.01	3,913.05	6,449.70	9,299.58	12,492.70	16,061.63	17,003.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,646.00	3,680.56	3,715.12
Year 2 PV (M)	5,599.40	5,706.06	5,813.71
Year 3 PV (M)	7,522.58	7,738.52	7,958.56
Year 4 PV (M)	9,415.87	9,777.98	10,150.43
Year 5 PV (M)	11,279.64	11,824.45	12,390.11
PV of Terminal Value (M)	360,012.15	377,400.87	395,455.10
Equity Value (M)	397,475.64	416,128.44	435,483.04
Shares Outstanding (M)	12.77	12.77	12.77
Fair Value	$31,114.16	$32,574.29	$34,089.36
Upside / Downside	125.63%	136.22%	147.20%

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Korea Petroleum Industries Company (004090.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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