DDM Analysis: 028100.KS

Valuation Snapshot

Stable Growth	$16,467.54 - $29,477.25	$21,932.25
Multi-Stage	$28,718.44 - $31,552.94	$30,108.46
Blended Fair Value	$26,020.35
Current Price	$15,080.00
Upside	72.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.56%	13.11%	519.37	530.79	371.55	64.95	173.19	173.19	173.19	173.19	151.54	151.54
YoY Growth	-	-	-2.15%	42.86%	472.09%	-62.50%	0.00%	0.00%	0.00%	14.29%	0.00%	0.00%
Dividend Yield	-	-	4.02%	4.15%	2.99%	0.36%	0.94%	1.30%	0.98%	1.33%	1.26%	1.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,656.93
(-) Cash Dividends Paid (M)	6,550.60
(=) Cash Retained (M)	9,106.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,131.39	1,957.12	1,174.27
Cash Retained (M)	9,106.33	9,106.33	9,106.33
(-) Cash Required (M)	-3,131.39	-1,957.12	-1,174.27
(=) Excess Retained (M)	5,974.94	7,149.21	7,932.06
(/) Shares Outstanding (M)	13.05	13.05	13.05
(=) Excess Retained per Share	457.88	547.87	607.86
LTM Dividend per Share	502.00	502.00	502.00
(+) Excess Retained per Share	457.88	547.87	607.86
(=) Adjusted Dividend	959.88	1,049.87	1,109.86
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	0.56%	1.56%	2.56%
Fair Value	$16,467.54	$21,932.25	$29,477.25
Upside / Downside	9.20%	45.44%	95.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,656.93	15,900.91	16,148.69	16,400.33	16,655.90	16,915.44	17,422.91
Payout Ratio	41.84%	51.47%	61.10%	70.74%	80.37%	90.00%	92.50%
Projected Dividends (M)	6,550.60	8,184.31	9,867.34	11,600.83	13,385.96	15,223.90	16,116.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	0.56%	1.56%	2.56%
Year 1 PV (M)	7,614.87	7,690.59	7,766.32
Year 2 PV (M)	8,542.02	8,712.76	8,885.18
Year 3 PV (M)	9,343.94	9,625.48	9,912.62
Year 4 PV (M)	10,031.60	10,436.63	10,853.80
Year 5 PV (M)	10,615.17	11,153.59	11,713.63
PV of Terminal Value (M)	328,600.77	345,267.80	362,604.37
Equity Value (M)	374,748.37	392,886.85	411,735.93
Shares Outstanding (M)	13.05	13.05	13.05
Fair Value	$28,718.44	$30,108.46	$31,552.94
Upside / Downside	90.44%	99.66%	109.24%

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Dong-Ah Geological Engineering Company Ltd. (028100.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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