DDM Analysis: 047810.KS

Valuation Snapshot

Stable Growth	$24,971.88 - $51,732.46	$35,154.34
Multi-Stage	$26,908.43 - $29,471.42	$28,166.05
Blended Fair Value	$31,660.19
Current Price	$108,000.00
Upside	-70.69%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.11%	9.60%	499.52	249.76	199.81	199.81	399.61	199.81	0.00	679.34	399.61	249.75
YoY Growth	-	-	100.00%	25.00%	0.00%	-50.00%	100.00%	0.00%	-100.00%	70.00%	60.00%	25.00%
Dividend Yield	-	-	0.67%	0.48%	0.42%	0.47%	1.09%	0.95%	0.00%	1.36%	0.69%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	137,094.14
(-) Cash Dividends Paid (M)	48,737.55
(=) Cash Retained (M)	88,356.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27,418.83	17,136.77	10,282.06
Cash Retained (M)	88,356.59	88,356.59	88,356.59
(-) Cash Required (M)	-27,418.83	-17,136.77	-10,282.06
(=) Excess Retained (M)	60,937.76	71,219.82	78,074.53
(/) Shares Outstanding (M)	97.57	97.57	97.57
(=) Excess Retained per Share	624.56	729.94	800.20
LTM Dividend per Share	499.52	499.52	499.52
(+) Excess Retained per Share	624.56	729.94	800.20
(=) Adjusted Dividend	1,124.08	1,229.46	1,299.71
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	3.08%	4.08%	5.08%
Fair Value	$24,971.88	$35,154.34	$51,732.46
Upside / Downside	-76.88%	-67.45%	-52.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	137,094.14	142,687.11	148,508.24	154,566.87	160,872.66	167,435.70	172,458.77
Payout Ratio	35.55%	46.44%	57.33%	68.22%	79.11%	90.00%	92.50%
Projected Dividends (M)	48,737.55	66,264.38	85,140.16	105,445.78	127,266.50	150,692.13	159,524.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	3.08%	4.08%	5.08%
Year 1 PV (M)	60,924.55	61,515.59	62,106.64
Year 2 PV (M)	71,971.21	73,374.41	74,791.15
Year 3 PV (M)	81,953.17	84,361.53	86,816.61
Year 4 PV (M)	90,941.65	94,522.32	98,207.70
Year 5 PV (M)	99,003.72	103,900.10	108,988.31
PV of Terminal Value (M)	2,220,640.92	2,330,466.03	2,444,594.04
Equity Value (M)	2,625,435.22	2,748,139.97	2,875,504.44
Shares Outstanding (M)	97.57	97.57	97.57
Fair Value	$26,908.43	$28,166.05	$29,471.42
Upside / Downside	-75.08%	-73.92%	-72.71%

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Korea Aerospace Industries, Ltd. (047810.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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