DDM Analysis: 008040.KS

Valuation Snapshot

Stable Growth	$2,048.19 - $3,411.37	$2,649.30
Multi-Stage	$4,048.78 - $4,458.74	$4,249.75
Blended Fair Value	$3,449.53
Current Price	$1,223.00
Upside	182.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	1.46%	14.98	0.00	0.00	0.00	0.00	0.00	0.00	0.80	2.47	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-67.52%	0.00%	-100.00%
Dividend Yield	-	-	1.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.15%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24,906.03
(-) Cash Dividends Paid (M)	2,818.92
(=) Cash Retained (M)	22,087.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,981.21	3,113.25	1,867.95
Cash Retained (M)	22,087.11	22,087.11	22,087.11
(-) Cash Required (M)	-4,981.21	-3,113.25	-1,867.95
(=) Excess Retained (M)	17,105.90	18,973.86	20,219.16
(/) Shares Outstanding (M)	141.17	141.17	141.17
(=) Excess Retained per Share	121.17	134.40	143.22
LTM Dividend per Share	19.97	19.97	19.97
(+) Excess Retained per Share	121.17	134.40	143.22
(=) Adjusted Dividend	141.14	154.37	163.19
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.54%	0.46%	1.46%
Fair Value	$2,048.19	$2,649.30	$3,411.37
Upside / Downside	67.47%	116.62%	178.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,906.03	25,019.71	25,133.91	25,248.62	25,363.86	25,479.63	26,244.02
Payout Ratio	11.32%	27.05%	42.79%	58.53%	74.26%	90.00%	92.50%
Projected Dividends (M)	2,818.92	6,768.98	10,755.04	14,777.34	18,836.13	22,931.67	24,275.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.54%	0.46%	1.46%
Year 1 PV (M)	6,303.84	6,367.22	6,430.60
Year 2 PV (M)	9,327.71	9,516.23	9,706.63
Year 3 PV (M)	11,935.52	12,299.17	12,670.14
Year 4 PV (M)	14,168.32	14,746.81	15,342.82
Year 5 PV (M)	16,063.65	16,887.62	17,745.07
PV of Terminal Value (M)	513,777.25	540,131.17	567,555.61
Equity Value (M)	571,576.28	599,948.22	629,450.88
Shares Outstanding (M)	141.17	141.17	141.17
Fair Value	$4,048.78	$4,249.75	$4,458.74
Upside / Downside	231.05%	247.49%	264.57%

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Sajodongaone Co.,Ltd (008040.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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