DDM Analysis: 005820.KS

Valuation Snapshot

Stable Growth	$19,181.57 - $30,874.88	$24,458.88
Multi-Stage	$40,678.22 - $44,800.71	$42,699.04
Blended Fair Value	$33,578.96
Current Price	$14,040.00
Upside	139.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.32%	0.45%	753.37	593.68	493.70	712.66	481.87	243.77	238.10	719.96	481.87	577.10
YoY Growth	-	-	26.90%	20.25%	-30.72%	47.90%	97.67%	2.38%	-66.93%	49.41%	-16.50%	-19.84%
Dividend Yield	-	-	5.78%	3.06%	2.17%	3.24%	2.15%	1.75%	1.40%	3.22%	2.06%	2.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,737.15
(-) Cash Dividends Paid (M)	822.73
(=) Cash Retained (M)	2,914.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	747.43	467.14	280.29
Cash Retained (M)	2,914.42	2,914.42	2,914.42
(-) Cash Required (M)	-747.43	-467.14	-280.29
(=) Excess Retained (M)	2,166.99	2,447.28	2,634.14
(/) Shares Outstanding (M)	2.06	2.06	2.06
(=) Excess Retained per Share	1,053.28	1,189.51	1,280.34
LTM Dividend per Share	399.89	399.89	399.89
(+) Excess Retained per Share	1,053.28	1,189.51	1,280.34
(=) Adjusted Dividend	1,453.17	1,589.41	1,680.23
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-1.17%	-0.17%	0.83%
Fair Value	$19,181.57	$24,458.88	$30,874.88
Upside / Downside	36.62%	74.21%	119.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,737.15	3,730.79	3,724.43	3,718.08	3,711.74	3,705.42	3,816.58
Payout Ratio	22.01%	35.61%	49.21%	62.81%	76.40%	90.00%	92.50%
Projected Dividends (M)	822.73	1,328.61	1,832.75	2,335.18	2,835.88	3,334.88	3,530.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-1.17%	-0.17%	0.83%
Year 1 PV (M)	1,237.15	1,249.67	1,262.18
Year 2 PV (M)	1,589.12	1,621.44	1,654.08
Year 3 PV (M)	1,885.37	1,943.18	2,002.17
Year 4 PV (M)	2,132.02	2,219.63	2,309.91
Year 5 PV (M)	2,334.58	2,455.11	2,580.56
PV of Terminal Value (M)	74,512.15	78,358.94	82,362.99
Equity Value (M)	83,690.39	87,847.97	92,171.90
Shares Outstanding (M)	2.06	2.06	2.06
Fair Value	$40,678.22	$42,699.04	$44,800.71
Upside / Downside	189.73%	204.12%	219.09%

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Wonlim Corporation (005820.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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