DDM Analysis: 007690.KS

Valuation Snapshot

Stable Growth	$45,948.25 - $89,877.04	$63,329.72
Multi-Stage	$71,095.98 - $78,138.95	$74,549.99
Blended Fair Value	$68,939.85
Current Price	$35,150.00
Upside	96.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.32%	5.34%	1,124.72	1,335.78	2,136.16	734.44	938.28	955.29	970.62	800.38	996.71	669.01
YoY Growth	-	-	-15.80%	-37.47%	190.86%	-21.72%	-1.78%	-1.58%	21.27%	-19.70%	48.98%	0.07%
Dividend Yield	-	-	3.84%	3.59%	4.67%	1.30%	1.82%	3.29%	2.63%	1.78%	2.70%	1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	25,399.07
(-) Cash Dividends Paid (M)	5,004.32
(=) Cash Retained (M)	20,394.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,079.81	3,174.88	1,904.93
Cash Retained (M)	20,394.75	20,394.75	20,394.75
(-) Cash Required (M)	-5,079.81	-3,174.88	-1,904.93
(=) Excess Retained (M)	15,314.94	17,219.87	18,489.82
(/) Shares Outstanding (M)	8.90	8.90	8.90
(=) Excess Retained per Share	1,721.02	1,935.09	2,077.80
LTM Dividend per Share	562.36	562.36	562.36
(+) Excess Retained per Share	1,721.02	1,935.09	2,077.80
(=) Adjusted Dividend	2,283.38	2,497.45	2,640.16
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.32%	2.32%	3.32%
Fair Value	$45,948.25	$63,329.72	$89,877.04
Upside / Downside	30.72%	80.17%	155.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	25,399.07	25,988.18	26,590.95	27,207.70	27,838.75	28,484.45	29,338.98
Payout Ratio	19.70%	33.76%	47.82%	61.88%	75.94%	90.00%	92.50%
Projected Dividends (M)	5,004.32	8,774.18	12,716.23	16,836.42	21,140.90	25,636.00	27,138.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.32%	2.32%	3.32%
Year 1 PV (M)	8,169.32	8,249.95	8,330.58
Year 2 PV (M)	11,023.42	11,242.09	11,462.91
Year 3 PV (M)	13,588.98	13,995.33	14,409.69
Year 4 PV (M)	15,886.92	16,523.46	17,178.95
Year 5 PV (M)	17,936.82	18,839.62	19,778.42
PV of Terminal Value (M)	566,059.92	594,551.23	624,178.40
Equity Value (M)	632,665.37	663,401.69	695,338.96
Shares Outstanding (M)	8.90	8.90	8.90
Fair Value	$71,095.98	$74,549.99	$78,138.95
Upside / Downside	102.26%	112.09%	122.30%

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Kukdo Chemical Co., Ltd. (007690.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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