DDM Analysis: 018260.KS

Valuation Snapshot

Stable Growth	$266,895.86 - $905,960.84	$437,546.66
Multi-Stage	$241,673.52 - $264,858.23	$253,049.71
Blended Fair Value	$345,298.19
Current Price	$164,200.00
Upside	110.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.89%	26.88%	2,749.71	3,194.62	2,364.90	2,364.90	2,364.90	1,970.75	1,970.75	758.43	512.08	502.65
YoY Growth	-	-	-13.93%	35.08%	0.00%	0.00%	20.00%	0.00%	159.85%	48.11%	1.88%	97.65%
Dividend Yield	-	-	2.37%	1.93%	2.04%	1.71%	1.22%	1.32%	0.85%	0.30%	0.38%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	773,258.12
(-) Cash Dividends Paid (M)	233,131.19
(=) Cash Retained (M)	540,126.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	154,651.62	96,657.27	57,994.36
Cash Retained (M)	540,126.93	540,126.93	540,126.93
(-) Cash Required (M)	-154,651.62	-96,657.27	-57,994.36
(=) Excess Retained (M)	385,475.31	443,469.67	482,132.57
(/) Shares Outstanding (M)	78.50	78.50	78.50
(=) Excess Retained per Share	4,910.62	5,649.42	6,141.95
LTM Dividend per Share	2,969.89	2,969.89	2,969.89
(+) Excess Retained per Share	4,910.62	5,649.42	6,141.95
(=) Adjusted Dividend	7,880.51	8,619.31	9,111.84
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	3.76%	4.76%	5.76%
Fair Value	$266,895.86	$437,546.66	$905,960.84
Upside / Downside	62.54%	166.47%	451.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	773,258.12	810,074.44	848,643.64	889,049.20	931,378.55	975,723.28	1,004,994.98
Payout Ratio	30.15%	42.12%	54.09%	66.06%	78.03%	90.00%	92.50%
Projected Dividends (M)	233,131.19	341,198.21	459,027.31	587,303.08	726,753.21	878,150.95	929,620.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	3.76%	4.76%	5.76%
Year 1 PV (M)	316,350.67	319,399.51	322,448.34
Year 2 PV (M)	394,604.97	402,247.64	409,963.62
Year 3 PV (M)	468,110.44	481,775.56	495,704.06
Year 4 PV (M)	537,075.10	558,080.61	579,696.33
Year 5 PV (M)	601,698.95	631,257.64	661,966.75
PV of Terminal Value (M)	16,653,108.12	17,471,198.45	18,321,128.67
Equity Value (M)	18,970,948.24	19,863,959.40	20,790,907.78
Shares Outstanding (M)	78.50	78.50	78.50
Fair Value	$241,673.52	$253,049.71	$264,858.23
Upside / Downside	47.18%	54.11%	61.30%

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Samsung SDS Co.,Ltd. (018260.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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