DDM Analysis: 010130.KS

Valuation Snapshot

Stable Growth	$1,063,731.50 - $4,222,725.23	$2,889,806.63
Multi-Stage	$536,326.35 - $585,499.06	$560,467.31
Blended Fair Value	$1,725,136.97
Current Price	$819,000.00
Upside	110.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.95%	13.35%	16,673.43	31,715.30	18,715.77	14,036.83	13,101.04	10,375.95	9,440.08	8,036.36	8,036.36	6,164.78
YoY Growth	-	-	-47.43%	69.46%	33.33%	7.14%	26.26%	9.91%	17.47%	0.00%	30.36%	29.48%
Dividend Yield	-	-	2.14%	7.03%	3.38%	2.40%	3.21%	2.91%	2.01%	1.68%	1.86%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	401,028.84
(-) Cash Dividends Paid (M)	347,114.25
(=) Cash Retained (M)	53,914.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80,205.77	50,128.61	30,077.16
Cash Retained (M)	53,914.59	53,914.59	53,914.59
(-) Cash Required (M)	-80,205.77	-50,128.61	-30,077.16
(=) Excess Retained (M)	-26,291.18	3,785.99	23,837.43
(/) Shares Outstanding (M)	18.89	18.89	18.89
(=) Excess Retained per Share	-1,392.03	200.45	1,262.11
LTM Dividend per Share	18,378.47	18,378.47	18,378.47
(+) Excess Retained per Share	-1,392.03	200.45	1,262.11
(=) Adjusted Dividend	16,986.45	18,578.93	19,640.58
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,063,731.50	$2,889,806.63	$4,222,725.23
Upside / Downside	29.88%	252.85%	415.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	401,028.84	427,095.72	454,856.94	484,422.64	515,910.11	549,444.27	565,927.60
Payout Ratio	86.56%	87.24%	87.93%	88.62%	89.31%	90.00%	92.50%
Projected Dividends (M)	347,114.25	372,618.57	399,971.90	429,306.84	460,765.44	494,499.84	523,483.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	344,377.32	347,641.56	350,905.80
Year 2 PV (M)	341,640.68	348,147.97	354,716.66
Year 3 PV (M)	338,904.98	348,633.72	358,546.89
Year 4 PV (M)	336,170.88	349,099.06	362,396.60
Year 5 PV (M)	333,439.00	349,544.23	366,265.84
PV of Terminal Value (M)	8,435,062.84	8,842,479.53	9,265,489.02
Equity Value (M)	10,129,595.70	10,585,546.08	11,058,320.81
Shares Outstanding (M)	18.89	18.89	18.89
Fair Value	$536,326.35	$560,467.31	$585,499.06
Upside / Downside	-34.51%	-31.57%	-28.51%

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Korea Zinc Company, Ltd. (010130.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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