DDM Analysis: 023350.KS

Valuation Snapshot

Stable Growth	$55,242.21 - $119,780.42	$112,251.80
Multi-Stage	$17,836.02 - $19,537.43	$18,671.03
Blended Fair Value	$65,461.42
Current Price	$5,340.00
Upside	1,125.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.02%	-0.51%	99.64	99.64	99.64	99.64	104.87	104.87	104.87	104.87	104.87	104.87
YoY Growth	-	-	0.00%	0.00%	0.00%	-4.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.01%	1.75%	1.53%	1.38%	1.49%	2.71%	2.03%	1.61%	1.74%	1.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,288.55
(-) Cash Dividends Paid (M)	1,040.39
(=) Cash Retained (M)	5,248.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,257.71	786.07	471.64
Cash Retained (M)	5,248.16	5,248.16	5,248.16
(-) Cash Required (M)	-1,257.71	-786.07	-471.64
(=) Excess Retained (M)	3,990.45	4,462.09	4,776.52
(/) Shares Outstanding (M)	10.44	10.44	10.44
(=) Excess Retained per Share	382.19	427.36	457.47
LTM Dividend per Share	99.64	99.64	99.64
(+) Excess Retained per Share	382.19	427.36	457.47
(=) Adjusted Dividend	481.83	527.00	557.12
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$55,242.21	$112,251.80	$119,780.42
Upside / Downside	934.50%	2,002.09%	2,143.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,288.55	6,697.30	7,132.63	7,596.25	8,090.01	8,615.86	8,874.33
Payout Ratio	16.54%	31.24%	45.93%	60.62%	75.31%	90.00%	92.50%
Projected Dividends (M)	1,040.39	2,091.93	3,275.77	4,604.67	6,092.49	7,754.27	8,208.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,947.27	1,965.72	1,984.18
Year 2 PV (M)	2,838.38	2,892.45	2,947.02
Year 3 PV (M)	3,713.94	3,820.56	3,929.19
Year 4 PV (M)	4,574.15	4,750.06	4,930.99
Year 5 PV (M)	5,419.20	5,680.95	5,952.72
PV of Terminal Value (M)	167,734.13	175,835.76	184,247.45
Equity Value (M)	186,227.07	194,945.49	203,991.54
Shares Outstanding (M)	10.44	10.44	10.44
Fair Value	$17,836.02	$18,671.03	$19,537.43
Upside / Downside	234.01%	249.64%	265.87%

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Korea Engineering Consultants Corp. (023350.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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