DDM Analysis: 069620.KS

Valuation Snapshot

Stable Growth	$283,407.90 - $1,268,243.65	$661,416.82
Multi-Stage	$312,986.86 - $344,029.13	$328,212.56
Blended Fair Value	$494,814.69
Current Price	$144,000.00
Upside	243.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.56%	-0.64%	672.79	632.57	577.26	561.28	538.23	538.23	538.23	538.23	627.94	627.94
YoY Growth	-	-	6.36%	9.58%	2.85%	4.28%	0.00%	0.00%	0.00%	-14.29%	0.00%	-12.50%
Dividend Yield	-	-	0.60%	0.51%	0.55%	0.34%	0.40%	0.64%	0.29%	0.27%	0.75%	0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75,099.60
(-) Cash Dividends Paid (M)	7,358.60
(=) Cash Retained (M)	67,741.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,019.92	9,387.45	5,632.47
Cash Retained (M)	67,741.00	67,741.00	67,741.00
(-) Cash Required (M)	-15,019.92	-9,387.45	-5,632.47
(=) Excess Retained (M)	52,721.08	58,353.55	62,108.53
(/) Shares Outstanding (M)	11.51	11.51	11.51
(=) Excess Retained per Share	4,582.35	5,071.91	5,398.28
LTM Dividend per Share	639.59	639.59	639.59
(+) Excess Retained per Share	4,582.35	5,071.91	5,398.28
(=) Adjusted Dividend	5,221.94	5,711.49	6,037.86
WACC / Discount Rate	4.92%	4.92%	4.92%
Growth Rate	3.02%	4.02%	5.02%
Fair Value	$283,407.90	$661,416.82	$1,268,243.65
Upside / Downside	96.81%	359.32%	780.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75,099.60	78,121.76	81,265.54	84,535.83	87,937.72	91,476.51	94,220.80
Payout Ratio	9.80%	25.84%	41.88%	57.92%	73.96%	90.00%	92.50%
Projected Dividends (M)	7,358.60	20,185.70	34,033.26	48,962.63	65,038.46	82,328.85	87,154.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.92%	4.92%	4.92%
Growth Rate	3.02%	4.02%	5.02%
Year 1 PV (M)	19,053.74	19,238.68	19,423.63
Year 2 PV (M)	30,323.28	30,914.80	31,512.04
Year 3 PV (M)	41,178.81	42,389.59	43,623.87
Year 4 PV (M)	51,631.61	53,665.62	55,759.15
Year 5 PV (M)	61,692.70	64,745.48	67,917.93
PV of Terminal Value (M)	3,397,111.91	3,565,213.34	3,739,904.48
Equity Value (M)	3,600,992.05	3,776,167.51	3,958,141.10
Shares Outstanding (M)	11.51	11.51	11.51
Fair Value	$312,986.86	$328,212.56	$344,029.13
Upside / Downside	117.35%	127.93%	138.91%

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Daewoong pharmaceutical Co.,Ltd (069620.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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