DDM Analysis: 089860.KS

Valuation Snapshot

Stable Growth	$104,229.04 - $455,449.25	$181,294.58
Multi-Stage	$80,321.47 - $87,943.36	$84,061.94
Blended Fair Value	$132,678.26
Current Price	$29,500.00
Upside	349.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	24.17%	1,210.37	907.78	907.78	97.21	58.33	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	33.33%	0.00%	833.81%	66.67%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	4.28%	3.29%	3.50%	0.22%	0.11%	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)	124,161.44
(-) Cash Dividends Paid (M)	43,571.27
(=) Cash Retained (M)	80,590.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24,832.29	15,520.18	9,312.11
Cash Retained (M)	80,590.17	80,590.17	80,590.17
(-) Cash Required (M)	-24,832.29	-15,520.18	-9,312.11
(=) Excess Retained (M)	55,757.88	65,069.99	71,278.06
(/) Shares Outstanding (M)	36.32	36.32	36.32
(=) Excess Retained per Share	1,535.17	1,791.56	1,962.49
LTM Dividend per Share	1,199.64	1,199.64	1,199.64
(+) Excess Retained per Share	1,535.17	1,791.56	1,962.49
(=) Adjusted Dividend	2,734.81	2,991.20	3,162.13
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	4.37%	5.37%	6.37%
Fair Value	$104,229.04	$181,294.58	$455,449.25
Upside / Downside	253.32%	514.56%	1,443.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124,161.44	130,828.96	137,854.53	145,257.38	153,057.76	161,277.03	166,115.34
Payout Ratio	35.09%	46.07%	57.06%	68.04%	79.02%	90.00%	92.50%
Projected Dividends (M)	43,571.27	60,278.06	78,653.53	98,828.72	120,943.93	145,149.33	153,656.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	4.37%	5.37%	6.37%
Year 1 PV (M)	55,743.45	56,277.54	56,811.64
Year 2 PV (M)	67,264.72	68,559.86	69,867.35
Year 3 PV (M)	78,160.40	80,428.63	82,740.32
Year 4 PV (M)	88,454.96	91,894.05	95,432.45
Year 5 PV (M)	98,172.01	102,966.08	107,945.63
PV of Terminal Value (M)	2,529,500.45	2,653,024.35	2,781,327.46
Equity Value (M)	2,917,295.99	3,053,150.50	3,194,124.85
Shares Outstanding (M)	36.32	36.32	36.32
Fair Value	$80,321.47	$84,061.94	$87,943.36
Upside / Downside	172.28%	184.96%	198.11%

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LOTTE rental co.,ltd. (089860.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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