DDM Analysis: 131370.KQ

Valuation Snapshot

Stable Growth	$762.31 - $1,424.57	$1,032.50
Multi-Stage	$761.54 - $833.69	$796.95
Blended Fair Value	$914.72
Current Price	$2,885.00
Upside	-68.29%
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	0.01%	5.42%	10.04	20.08	40.21	30.16	20.05	10.04	0.00	0.00	0.00	0.00
YoY Growth	-	-	-50.00%	-50.05%	33.33%	50.37%	99.79%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.35%	0.51%	0.93%	0.48%	0.25%	0.17%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,588.35
(-) Cash Dividends Paid (M)	520.88
(=) Cash Retained (M)	2,067.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	517.67	323.54	194.13
Cash Retained (M)	2,067.47	2,067.47	2,067.47
(-) Cash Required (M)	-517.67	-323.54	-194.13
(=) Excess Retained (M)	1,549.80	1,743.93	1,873.35
(/) Shares Outstanding (M)	51.87	51.87	51.87
(=) Excess Retained per Share	29.88	33.62	36.12
LTM Dividend per Share	10.04	10.04	10.04
(+) Excess Retained per Share	29.88	33.62	36.12
(=) Adjusted Dividend	39.92	43.66	46.16
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	3.42%	4.42%	5.42%
Fair Value	$762.31	$1,032.50	$1,424.57
Upside / Downside	-73.58%	-64.21%	-50.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,588.35	2,702.70	2,822.10	2,946.77	3,076.96	3,212.89	3,309.28
Payout Ratio	20.12%	34.10%	48.07%	62.05%	76.02%	90.00%	92.50%
Projected Dividends (M)	520.88	921.60	1,356.71	1,828.46	2,339.25	2,891.60	3,061.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	3.42%	4.42%	5.42%
Year 1 PV (M)	838.69	846.80	854.91
Year 2 PV (M)	1,123.58	1,145.41	1,167.46
Year 3 PV (M)	1,378.04	1,418.40	1,459.54
Year 4 PV (M)	1,604.39	1,667.35	1,732.15
Year 5 PV (M)	1,804.81	1,893.77	1,986.21
PV of Terminal Value (M)	32,752.77	34,367.21	36,044.69
Equity Value (M)	39,502.28	41,338.95	43,244.96
Shares Outstanding (M)	51.87	51.87	51.87
Fair Value	$761.54	$796.95	$833.69
Upside / Downside	-73.60%	-72.38%	-71.10%

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RSUPPORT Co., Ltd. (131370.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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