DDM Analysis: 041510.KQ

Valuation Snapshot

Stable Growth	$120,705.68 - $184,339.15	$150,481.25
Multi-Stage	$249,039.76 - $274,587.67	$261,560.94
Blended Fair Value	$206,021.09
Current Price	$130,000.00
Upside	58.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	1,228.52	1,239.30	204.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-0.87%	506.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.14%	1.49%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	309,968.88
(-) Cash Dividends Paid (M)	12,888.06
(=) Cash Retained (M)	297,080.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61,993.78	38,746.11	23,247.67
Cash Retained (M)	297,080.82	297,080.82	297,080.82
(-) Cash Required (M)	-61,993.78	-38,746.11	-23,247.67
(=) Excess Retained (M)	235,087.04	258,334.71	273,833.15
(/) Shares Outstanding (M)	22.89	22.89	22.89
(=) Excess Retained per Share	10,268.28	11,283.70	11,960.65
LTM Dividend per Share	562.93	562.93	562.93
(+) Excess Retained per Share	10,268.28	11,283.70	11,960.65
(=) Adjusted Dividend	10,831.21	11,846.63	12,523.59
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$120,705.68	$150,481.25	$184,339.15
Upside / Downside	-7.15%	15.75%	41.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	309,968.88	306,869.20	303,800.50	300,762.50	297,754.87	294,777.32	303,620.64
Payout Ratio	4.16%	21.33%	38.49%	55.66%	72.83%	90.00%	92.50%
Projected Dividends (M)	12,888.06	65,443.80	116,947.14	167,413.86	216,859.55	265,299.59	280,849.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	60,661.54	61,280.54	61,899.54
Year 2 PV (M)	100,479.97	102,541.04	104,623.04
Year 3 PV (M)	133,329.50	137,452.80	141,660.26
Year 4 PV (M)	160,087.84	166,722.73	173,561.76
Year 5 PV (M)	181,535.40	190,988.37	200,831.09
PV of Terminal Value (M)	5,065,546.62	5,329,321.39	5,603,971.76
Equity Value (M)	5,701,640.87	5,988,306.87	6,286,547.44
Shares Outstanding (M)	22.89	22.89	22.89
Fair Value	$249,039.76	$261,560.94	$274,587.67
Upside / Downside	91.57%	101.20%	111.22%

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SM Entertainment Co., Ltd. (041510.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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