DDM Analysis: 137310.KS

Valuation Snapshot

Stable Growth	$8,093.10 - $12,234.45	$10,044.71
Multi-Stage	$16,158.71 - $17,794.46	$16,960.50
Blended Fair Value	$13,502.61
Current Price	$9,930.00
Upside	35.98%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.32	245.46	1,650.84	414.71	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-99.87%	-85.13%	298.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	2.06%	7.82%	0.74%	0.00%	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)	113,215.48
(-) Cash Dividends Paid (M)	24,175.19
(=) Cash Retained (M)	89,040.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22,643.10	14,151.93	8,491.16
Cash Retained (M)	89,040.29	89,040.29	89,040.29
(-) Cash Required (M)	-22,643.10	-14,151.93	-8,491.16
(=) Excess Retained (M)	66,397.20	74,888.36	80,549.13
(/) Shares Outstanding (M)	120.38	120.38	120.38
(=) Excess Retained per Share	551.54	622.08	669.10
LTM Dividend per Share	200.82	200.82	200.82
(+) Excess Retained per Share	551.54	622.08	669.10
(=) Adjusted Dividend	752.36	822.89	869.92
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8,093.10	$10,044.71	$12,234.45
Upside / Downside	-18.50%	1.16%	23.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113,215.48	112,083.32	110,962.49	109,852.87	108,754.34	107,666.79	110,896.80
Payout Ratio	21.35%	35.08%	48.81%	62.54%	76.27%	90.00%	92.50%
Projected Dividends (M)	24,175.19	39,321.74	54,162.96	68,703.41	82,947.64	96,900.11	102,579.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	36,340.60	36,711.42	37,082.25
Year 2 PV (M)	46,261.64	47,210.57	48,169.14
Year 3 PV (M)	54,232.09	55,909.25	57,620.64
Year 4 PV (M)	60,511.98	63,019.92	65,605.02
Year 5 PV (M)	65,331.25	68,733.20	72,275.42
PV of Terminal Value (M)	1,682,580.83	1,770,196.72	1,861,425.07
Equity Value (M)	1,945,258.40	2,041,781.10	2,142,177.54
Shares Outstanding (M)	120.38	120.38	120.38
Fair Value	$16,158.71	$16,960.50	$17,794.46
Upside / Downside	62.73%	70.80%	79.20%

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SD BioSensor, Inc (137310.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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