DDM Analysis: 088790.KS

Valuation Snapshot

Stable Growth	$686.76 - $914.05	$804.54
Multi-Stage	$2,262.85 - $2,517.67	$2,387.49
Blended Fair Value	$1,596.01
Current Price	$1,903.00
Upside	-16.13%
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	-19.72%	0.00%	49.65	69.50	39.71	0.00	99.29	148.92	268.05	198.56	148.94	0.00
YoY Growth	-	-	-28.57%	75.01%	0.00%	-100.00%	-33.33%	-44.44%	35.00%	33.32%	0.00%	0.00%
Dividend Yield	-	-	2.86%	3.21%	1.41%	0.00%	1.66%	6.93%	6.02%	3.64%	2.81%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,184.38
(-) Cash Dividends Paid (M)	374.04
(=) Cash Retained (M)	1,810.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	436.88	273.05	163.83
Cash Retained (M)	1,810.34	1,810.34	1,810.34
(-) Cash Required (M)	-436.88	-273.05	-163.83
(=) Excess Retained (M)	1,373.46	1,537.29	1,646.51
(/) Shares Outstanding (M)	12.55	12.55	12.55
(=) Excess Retained per Share	109.40	122.45	131.15
LTM Dividend per Share	29.79	29.79	29.79
(+) Excess Retained per Share	109.40	122.45	131.15
(=) Adjusted Dividend	139.20	152.25	160.95
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-11.59%	-10.59%	-9.59%
Fair Value	$686.76	$804.54	$914.05
Upside / Downside	-63.91%	-57.72%	-51.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,184.38	1,953.15	1,746.40	1,561.54	1,396.24	1,248.44	1,285.90
Payout Ratio	17.12%	31.70%	46.27%	60.85%	75.42%	90.00%	92.50%
Projected Dividends (M)	374.04	619.13	808.13	950.19	1,053.11	1,123.60	1,189.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-11.59%	-10.59%	-9.59%
Year 1 PV (M)	575.73	582.24	588.76
Year 2 PV (M)	698.82	714.71	730.79
Year 3 PV (M)	764.06	790.28	817.10
Year 4 PV (M)	787.47	823.70	861.18
Year 5 PV (M)	781.29	826.48	873.74
PV of Terminal Value (M)	24,800.89	26,235.51	27,735.76
Equity Value (M)	28,408.25	29,972.93	31,607.32
Shares Outstanding (M)	12.55	12.55	12.55
Fair Value	$2,262.85	$2,387.49	$2,517.67
Upside / Downside	18.91%	25.46%	32.30%

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Jindo.Co., Ltd. (088790.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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