DDM Analysis: 017370.KS

Valuation Snapshot

Stable Growth	$316,495.54 - $372,885.37	$349,448.20
Multi-Stage	$225,517.51 - $247,562.16	$236,333.75
Blended Fair Value	$292,890.98
Current Price	$7,970.00
Upside	3,574.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.10%	11.55%	50.21	30.60	0.00	0.00	0.00	10.75	21.51	32.61	28.77	17.66
YoY Growth	-	-	64.06%	0.00%	0.00%	0.00%	-100.00%	-50.00%	-34.05%	13.33%	62.92%	4.90%
Dividend Yield	-	-	0.88%	0.36%	0.00%	0.00%	0.00%	0.29%	0.37%	0.42%	0.50%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29,030.69
(-) Cash Dividends Paid (M)	771.02
(=) Cash Retained (M)	28,259.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,806.14	3,628.84	2,177.30
Cash Retained (M)	28,259.67	28,259.67	28,259.67
(-) Cash Required (M)	-5,806.14	-3,628.84	-2,177.30
(=) Excess Retained (M)	22,453.53	24,630.83	26,082.36
(/) Shares Outstanding (M)	15.48	15.48	15.48
(=) Excess Retained per Share	1,450.18	1,590.80	1,684.55
LTM Dividend per Share	49.80	49.80	49.80
(+) Excess Retained per Share	1,450.18	1,590.80	1,684.55
(=) Adjusted Dividend	1,499.98	1,640.60	1,734.35
WACC / Discount Rate	1.24%	1.24%	1.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$316,495.54	$349,448.20	$372,885.37
Upside / Downside	3,871.09%	4,284.54%	4,578.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29,030.69	30,917.68	32,927.33	35,067.61	37,347.00	39,774.55	40,967.79
Payout Ratio	2.66%	20.12%	37.59%	55.06%	72.53%	90.00%	92.50%
Projected Dividends (M)	771.02	6,222.09	12,378.54	19,309.05	27,088.22	35,797.10	37,895.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.24%	1.24%	1.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,088.13	6,145.84	6,203.55
Year 2 PV (M)	11,851.28	12,077.01	12,304.87
Year 3 PV (M)	18,088.57	18,607.82	19,136.92
Year 4 PV (M)	24,829.70	25,784.58	26,766.74
Year 5 PV (M)	32,106.03	33,656.77	35,266.85
PV of Terminal Value (M)	3,398,780.23	3,562,942.59	3,733,387.82
Equity Value (M)	3,491,743.94	3,659,214.60	3,833,066.76
Shares Outstanding (M)	15.48	15.48	15.48
Fair Value	$225,517.51	$236,333.75	$247,562.16
Upside / Downside	2,729.58%	2,865.29%	3,006.18%

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Wooshin Systems Co., Ltd. (017370.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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