DDM Analysis: 053800.KQ

Valuation Snapshot

Stable Growth	$176,085.86 - $906,461.05	$358,531.43
Multi-Stage	$97,581.58 - $106,723.63	$102,069.09
Blended Fair Value	$230,300.26
Current Price	$68,300.00
Upside	237.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.63%	20.61%	1,178.99	997.61	997.61	816.23	816.23	816.23	725.53	634.84	453.46	272.03
YoY Growth	-	-	18.18%	0.00%	22.22%	0.00%	0.00%	12.50%	14.29%	40.00%	66.70%	50.35%
Dividend Yield	-	-	1.58%	1.45%	1.61%	0.66%	1.25%	1.43%	1.37%	0.74%	0.31%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,652.57
(-) Cash Dividends Paid (M)	12,440.02
(=) Cash Retained (M)	31,212.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,730.51	5,456.57	3,273.94
Cash Retained (M)	31,212.55	31,212.55	31,212.55
(-) Cash Required (M)	-8,730.51	-5,456.57	-3,273.94
(=) Excess Retained (M)	22,482.03	25,755.97	27,938.60
(/) Shares Outstanding (M)	9.58	9.58	9.58
(=) Excess Retained per Share	2,347.44	2,689.29	2,917.18
LTM Dividend per Share	1,298.91	1,298.91	1,298.91
(+) Excess Retained per Share	2,347.44	2,689.29	2,917.18
(=) Adjusted Dividend	3,646.35	3,988.20	4,216.10
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$176,085.86	$358,531.43	$906,461.05
Upside / Downside	157.81%	424.94%	1,227.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,652.57	46,489.98	49,511.83	52,730.10	56,157.56	59,807.80	61,602.03
Payout Ratio	28.50%	40.80%	53.10%	65.40%	77.70%	90.00%	92.50%
Projected Dividends (M)	12,440.02	18,967.09	26,290.13	34,485.02	43,634.17	53,827.02	56,981.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17,448.17	17,613.55	17,778.94
Year 2 PV (M)	22,247.98	22,671.74	23,099.50
Year 3 PV (M)	26,845.86	27,616.51	28,401.77
Year 4 PV (M)	31,248.02	32,449.74	33,685.78
Year 5 PV (M)	35,460.52	37,173.27	38,951.58
PV of Terminal Value (M)	801,312.67	840,016.37	880,201.35
Equity Value (M)	934,563.22	977,541.18	1,022,118.92
Shares Outstanding (M)	9.58	9.58	9.58
Fair Value	$97,581.58	$102,069.09	$106,723.63
Upside / Downside	42.87%	49.44%	56.26%

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AhnLab, Inc. (053800.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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