DDM Analysis: 012510.KS

Valuation Snapshot

Stable Growth	$117,627.85 - $512,537.30	$282,817.78
Multi-Stage	$59,557.14 - $65,164.99	$62,309.70
Blended Fair Value	$172,563.74
Current Price	$88,900.00
Upside	94.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.71%	10.81%	400.46	252.76	578.12	589.62	538.46	459.42	417.09	302.39	229.40	208.55
YoY Growth	-	-	58.44%	-56.28%	-1.95%	9.50%	17.20%	10.15%	37.93%	31.82%	10.00%	45.33%
Dividend Yield	-	-	0.73%	0.58%	1.65%	1.27%	0.55%	0.57%	0.91%	0.52%	0.93%	0.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73,338.26
(-) Cash Dividends Paid (M)	18,671.63
(=) Cash Retained (M)	54,666.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,667.65	9,167.28	5,500.37
Cash Retained (M)	54,666.63	54,666.63	54,666.63
(-) Cash Required (M)	-14,667.65	-9,167.28	-5,500.37
(=) Excess Retained (M)	39,998.98	45,499.35	49,166.26
(/) Shares Outstanding (M)	28.46	28.46	28.46
(=) Excess Retained per Share	1,405.61	1,598.89	1,727.75
LTM Dividend per Share	656.14	656.14	656.14
(+) Excess Retained per Share	1,405.61	1,598.89	1,727.75
(=) Adjusted Dividend	2,061.75	2,255.04	2,383.89
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$117,627.85	$282,817.78	$512,537.30
Upside / Downside	32.31%	218.13%	476.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73,338.26	78,105.24	83,182.08	88,588.92	94,347.20	100,479.77	103,494.16
Payout Ratio	25.46%	38.37%	51.28%	64.18%	77.09%	90.00%	92.50%
Projected Dividends (M)	18,671.63	29,967.17	42,652.25	56,859.77	72,734.07	90,431.79	95,732.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27,653.49	27,915.60	28,177.72
Year 2 PV (M)	36,320.36	37,012.17	37,710.49
Year 3 PV (M)	44,680.45	45,963.07	47,270.00
Year 4 PV (M)	52,741.74	54,770.04	56,856.29
Year 5 PV (M)	60,512.05	63,434.81	66,469.42
PV of Terminal Value (M)	1,472,894.45	1,544,035.81	1,617,899.91
Equity Value (M)	1,694,802.55	1,773,131.49	1,854,383.82
Shares Outstanding (M)	28.46	28.46	28.46
Fair Value	$59,557.14	$62,309.70	$65,164.99
Upside / Downside	-33.01%	-29.91%	-26.70%

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Douzone Bizon Co., Ltd. (012510.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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