DDM Analysis: 065350.KQ

Valuation Snapshot

Stable Growth	$32,895.01 - $88,634.96	$83,063.94
Multi-Stage	$12,529.76 - $13,711.95	$13,110.00
Blended Fair Value	$48,086.97
Current Price	$55,400.00
Upside	-13.20%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	34.49%	0.00%	183.54	119.31	138.82	99.42	69.41	41.71	0.00	0.00	0.00	0.00
YoY Growth	-	-	53.84%	-14.06%	39.62%	43.25%	66.41%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.32%	0.11%	1.18%	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)	12,096.25
(-) Cash Dividends Paid (M)	4,579.16
(=) Cash Retained (M)	7,517.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,419.25	1,512.03	907.22
Cash Retained (M)	7,517.09	7,517.09	7,517.09
(-) Cash Required (M)	-2,419.25	-1,512.03	-907.22
(=) Excess Retained (M)	5,097.84	6,005.05	6,609.87
(/) Shares Outstanding (M)	27.14	27.14	27.14
(=) Excess Retained per Share	187.83	221.25	243.54
LTM Dividend per Share	168.72	168.72	168.72
(+) Excess Retained per Share	187.83	221.25	243.54
(=) Adjusted Dividend	356.55	389.97	412.26
WACC / Discount Rate	6.64%	6.64%	6.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32,895.01	$83,063.94	$88,634.96
Upside / Downside	-40.62%	49.93%	59.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,096.25	12,882.51	13,719.87	14,611.66	15,561.42	16,572.91	17,070.10
Payout Ratio	37.86%	48.28%	58.71%	69.14%	79.57%	90.00%	92.50%
Projected Dividends (M)	4,579.16	6,220.30	8,055.43	10,102.86	12,382.41	14,915.62	15,789.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.64%	6.64%	6.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,778.03	5,832.80	5,887.56
Year 2 PV (M)	6,950.66	7,083.05	7,216.69
Year 3 PV (M)	8,097.47	8,329.92	8,566.78
Year 4 PV (M)	9,218.90	9,573.43	9,938.09
Year 5 PV (M)	10,315.34	10,813.57	11,330.88
PV of Terminal Value (M)	299,709.74	314,185.83	329,215.96
Equity Value (M)	340,070.13	355,818.60	372,155.96
Shares Outstanding (M)	27.14	27.14	27.14
Fair Value	$12,529.76	$13,110.00	$13,711.95
Upside / Downside	-77.38%	-76.34%	-75.25%

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Shinsung Delta Tech Co.,Ltd. (065350.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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