DDM Analysis: 006220.KS

Valuation Snapshot

Stable Growth	$18,740.88 - $67,761.59	$59,407.98
Multi-Stage	$8,806.88 - $9,623.04	$9,207.53
Blended Fair Value	$34,307.76
Current Price	$14,450.00
Upside	137.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.16%	14.14%	212.64	158.40	143.47	131.36	135.28	143.68	115.93	70.83	56.65	56.65
YoY Growth	-	-	34.24%	10.40%	9.22%	-2.89%	-5.84%	23.93%	63.68%	25.03%	0.00%	0.00%
Dividend Yield	-	-	2.82%	1.31%	0.63%	2.01%	1.75%	5.92%	2.38%	1.03%	0.78%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,311.00
(-) Cash Dividends Paid (M)	9,014.00
(=) Cash Retained (M)	4,297.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,662.20	1,663.88	998.33
Cash Retained (M)	4,297.00	4,297.00	4,297.00
(-) Cash Required (M)	-2,662.20	-1,663.88	-998.33
(=) Excess Retained (M)	1,634.80	2,633.13	3,298.68
(/) Shares Outstanding (M)	39.07	39.07	39.07
(=) Excess Retained per Share	41.85	67.40	84.44
LTM Dividend per Share	230.73	230.73	230.73
(+) Excess Retained per Share	41.85	67.40	84.44
(=) Adjusted Dividend	272.58	298.13	315.17
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18,740.88	$59,407.98	$67,761.59
Upside / Downside	29.69%	311.13%	368.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,311.00	14,176.22	15,097.67	16,079.02	17,124.15	18,237.22	18,784.34
Payout Ratio	67.72%	72.17%	76.63%	81.09%	85.54%	90.00%	92.50%
Projected Dividends (M)	9,014.00	10,231.65	11,569.50	13,038.05	14,648.63	16,413.50	17,375.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,469.45	9,559.21	9,648.97
Year 2 PV (M)	9,909.99	10,098.75	10,289.28
Year 3 PV (M)	10,335.95	10,632.66	10,934.99
Year 4 PV (M)	10,747.66	11,160.99	11,586.12
Year 5 PV (M)	11,145.44	11,683.77	12,242.70
PV of Terminal Value (M)	292,447.73	306,573.06	321,239.01
Equity Value (M)	344,056.22	359,708.43	375,941.07
Shares Outstanding (M)	39.07	39.07	39.07
Fair Value	$8,806.88	$9,207.53	$9,623.04
Upside / Downside	-39.05%	-36.28%	-33.40%

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Jeju Bank (006220.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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