DDM Analysis: 009770.KS

Valuation Snapshot

Stable Growth	$80,778.56 - $132,531.06	$103,833.33
Multi-Stage	$163,851.72 - $180,460.61	$171,993.62
Blended Fair Value	$137,913.47
Current Price	$29,400.00
Upside	369.09%
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%	0.00%	1,000.03	1,000.03	1,000.03	1,000.03	0.00	0.00	1,000.03	1,650.05	1,250.04	1,000.03
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-39.39%	32.00%	25.00%	0.01%
Dividend Yield	-	-	3.94%	3.97%	4.00%	3.54%	0.00%	0.00%	2.74%	4.34%	2.81%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,106.47
(-) Cash Dividends Paid (M)	2,499.97
(=) Cash Retained (M)	15,606.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,621.29	2,263.31	1,357.99
Cash Retained (M)	15,606.50	15,606.50	15,606.50
(-) Cash Required (M)	-3,621.29	-2,263.31	-1,357.99
(=) Excess Retained (M)	11,985.20	13,343.19	14,248.51
(/) Shares Outstanding (M)	2.50	2.50	2.50
(=) Excess Retained per Share	4,794.28	5,337.49	5,699.64
LTM Dividend per Share	1,000.03	1,000.03	1,000.03
(+) Excess Retained per Share	4,794.28	5,337.49	5,699.64
(=) Adjusted Dividend	5,794.30	6,337.52	6,699.66
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-0.79%	0.21%	1.21%
Fair Value	$80,778.56	$103,833.33	$132,531.06
Upside / Downside	174.76%	253.17%	350.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,106.47	18,143.88	18,181.36	18,218.93	18,256.57	18,294.29	18,843.12
Payout Ratio	13.81%	29.05%	44.28%	59.52%	74.76%	90.00%	92.50%
Projected Dividends (M)	2,499.97	5,270.01	8,051.48	10,844.42	13,648.87	16,464.86	17,429.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-0.79%	0.21%	1.21%
Year 1 PV (M)	4,907.15	4,956.61	5,006.08
Year 2 PV (M)	6,980.90	7,122.35	7,265.21
Year 3 PV (M)	8,755.08	9,022.51	9,295.33
Year 4 PV (M)	10,260.50	10,680.50	11,113.26
Year 5 PV (M)	11,525.18	12,117.88	12,734.71
PV of Terminal Value (M)	367,183.86	386,066.74	405,718.61
Equity Value (M)	409,612.67	429,966.59	451,133.20
Shares Outstanding (M)	2.50	2.50	2.50
Fair Value	$163,851.72	$171,993.62	$180,460.61
Upside / Downside	457.32%	485.01%	513.81%

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Sam Jung Pulp Co.,Ltd. (009770.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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