DDM Analysis: 009470.KS

Valuation Snapshot

Stable Growth	$135,253.91 - $374,629.83	$351,083.02
Multi-Stage	$52,060.04 - $56,993.52	$54,481.42
Blended Fair Value	$202,782.22
Current Price	$29,050.00
Upside	598.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.68%	22.94%	313.43	313.43	313.43	113.54	121.64	99.94	69.96	60.82	42.34	39.73
YoY Growth	-	-	0.00%	0.00%	176.04%	-6.65%	21.70%	42.86%	15.03%	43.64%	6.56%	0.02%
Dividend Yield	-	-	1.06%	1.01%	1.89%	0.41%	0.51%	0.96%	0.36%	0.33%	0.73%	0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,465.68
(-) Cash Dividends Paid (M)	3,306.91
(=) Cash Retained (M)	9,158.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,493.14	1,558.21	934.93
Cash Retained (M)	9,158.77	9,158.77	9,158.77
(-) Cash Required (M)	-2,493.14	-1,558.21	-934.93
(=) Excess Retained (M)	6,665.64	7,600.56	8,223.85
(/) Shares Outstanding (M)	6.62	6.62	6.62
(=) Excess Retained per Share	1,007.27	1,148.56	1,242.74
LTM Dividend per Share	499.72	499.72	499.72
(+) Excess Retained per Share	1,007.27	1,148.56	1,242.74
(=) Adjusted Dividend	1,507.00	1,648.28	1,742.46
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$135,253.91	$351,083.02	$374,629.83
Upside / Downside	365.59%	1,108.55%	1,189.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,465.68	13,275.95	14,138.89	15,057.92	16,036.68	17,079.07	17,591.44
Payout Ratio	26.53%	39.22%	51.92%	64.61%	77.31%	90.00%	92.50%
Projected Dividends (M)	3,306.91	5,207.16	7,340.47	9,729.11	12,397.26	15,371.16	16,272.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,835.47	4,881.31	4,927.14
Year 2 PV (M)	6,329.95	6,450.52	6,572.22
Year 3 PV (M)	7,790.90	8,014.55	8,242.44
Year 4 PV (M)	9,218.89	9,573.42	9,938.08
Year 5 PV (M)	10,614.46	11,127.14	11,659.45
PV of Terminal Value (M)	305,717.61	320,483.88	335,815.29
Equity Value (M)	344,507.28	360,530.82	377,154.63
Shares Outstanding (M)	6.62	6.62	6.62
Fair Value	$52,060.04	$54,481.42	$56,993.52
Upside / Downside	79.21%	87.54%	96.19%

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Samwha Electric Co.,Ltd. (009470.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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