DDM Analysis: 004770.KS

Valuation Snapshot

Stable Growth	$726.08 - $1,027.07	$874.86
Multi-Stage	$1,900.30 - $2,099.52	$1,997.88
Blended Fair Value	$1,436.37
Current Price	$1,555.00
Upside	-7.63%
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	720.39%	0.00%	30.71	0.00	0.00	0.00	0.00	0.00	0.05	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	-98.33%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,162.27
(-) Cash Dividends Paid (M)	1,081.35
(=) Cash Retained (M)	3,080.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	832.45	520.28	312.17
Cash Retained (M)	3,080.92	3,080.92	3,080.92
(-) Cash Required (M)	-832.45	-520.28	-312.17
(=) Excess Retained (M)	2,248.46	2,560.63	2,768.75
(/) Shares Outstanding (M)	35.85	35.85	35.85
(=) Excess Retained per Share	62.72	71.43	77.23
LTM Dividend per Share	30.16	30.16	30.16
(+) Excess Retained per Share	62.72	71.43	77.23
(=) Adjusted Dividend	92.88	101.59	107.39
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-5.42%	-4.42%	-3.42%
Fair Value	$726.08	$874.86	$1,027.07
Upside / Downside	-53.31%	-43.74%	-33.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,162.27	3,978.17	3,802.22	3,634.05	3,473.31	3,319.69	3,419.28
Payout Ratio	25.98%	38.78%	51.59%	64.39%	77.20%	90.00%	92.50%
Projected Dividends (M)	1,081.35	1,542.89	1,961.49	2,340.03	2,681.26	2,987.72	3,162.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-5.42%	-4.42%	-3.42%
Year 1 PV (M)	1,431.21	1,446.34	1,461.47
Year 2 PV (M)	1,687.80	1,723.68	1,759.94
Year 3 PV (M)	1,867.78	1,927.65	1,988.79
Year 4 PV (M)	1,985.22	2,070.52	2,158.55
Year 5 PV (M)	2,052.00	2,162.80	2,278.34
PV of Terminal Value (M)	59,102.02	62,293.34	65,621.06
Equity Value (M)	68,126.03	71,624.34	75,268.15
Shares Outstanding (M)	35.85	35.85	35.85
Fair Value	$1,900.30	$1,997.88	$2,099.52
Upside / Downside	22.21%	28.48%	35.02%

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Sunny Electronics Corp. (004770.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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