DDM Analysis: 136490.KS

Valuation Snapshot

Stable Growth	$306,684.05 - $584,069.11	$547,358.29
Multi-Stage	$89,321.31 - $97,894.04	$93,528.41
Blended Fair Value	$320,443.35
Current Price	$11,270.00
Upside	2,743.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.44%	11.59%	102.51	105.00	100.01	100.01	50.00	50.00	0.00	34.23	34.23	34.23
YoY Growth	-	-	-2.38%	5.00%	0.00%	100.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.94%	1.43%	1.16%	0.85%	0.30%	0.80%	0.00%	0.22%	0.21%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69,830.58
(-) Cash Dividends Paid (M)	2,377.92
(=) Cash Retained (M)	67,452.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,966.12	8,728.82	5,237.29
Cash Retained (M)	67,452.66	67,452.66	67,452.66
(-) Cash Required (M)	-13,966.12	-8,728.82	-5,237.29
(=) Excess Retained (M)	53,486.55	58,723.84	62,215.37
(/) Shares Outstanding (M)	23.78	23.78	23.78
(=) Excess Retained per Share	2,249.48	2,469.75	2,616.59
LTM Dividend per Share	100.01	100.01	100.01
(+) Excess Retained per Share	2,249.48	2,469.75	2,616.59
(=) Adjusted Dividend	2,349.49	2,569.76	2,716.60
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$306,684.05	$547,358.29	$584,069.11
Upside / Downside	2,621.24%	4,756.77%	5,082.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69,830.58	74,369.57	79,203.59	84,351.83	89,834.70	95,673.95	98,544.17
Payout Ratio	3.41%	20.72%	38.04%	55.36%	72.68%	90.00%	92.50%
Projected Dividends (M)	2,377.92	15,412.51	30,131.55	46,698.95	65,292.80	86,106.56	91,153.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14,361.82	14,497.95	14,634.08
Year 2 PV (M)	26,163.35	26,661.69	27,164.73
Year 3 PV (M)	37,784.61	38,869.28	39,974.50
Year 4 PV (M)	49,227.66	51,120.81	53,068.06
Year 5 PV (M)	60,494.52	63,416.43	66,450.16
PV of Terminal Value (M)	1,935,783.12	2,029,282.16	2,126,359.64
Equity Value (M)	2,123,815.08	2,223,848.32	2,327,651.17
Shares Outstanding (M)	23.78	23.78	23.78
Fair Value	$89,321.31	$93,528.41	$97,894.04
Upside / Downside	692.56%	729.89%	768.63%

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Sunjin Co.,Ltd. (136490.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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