DDM Analysis: 145720.KS

Valuation Snapshot

Stable Growth	$320,361.60 - $1,216,349.22	$932,334.34
Multi-Stage	$148,177.57 - $162,268.16	$155,093.22
Blended Fair Value	$543,713.78
Current Price	$61,700.00
Upside	781.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.67%	24.21%	399.90	299.93	249.94	199.95	0.00	149.96	149.96	70.46	70.46	49.32
YoY Growth	-	-	33.33%	20.00%	25.00%	0.00%	-100.00%	0.00%	112.83%	0.00%	42.86%	7.84%
Dividend Yield	-	-	0.56%	0.21%	0.18%	0.28%	0.00%	0.44%	0.24%	0.09%	0.21%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	52,757.91
(-) Cash Dividends Paid (M)	5,174.34
(=) Cash Retained (M)	47,583.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,551.58	6,594.74	3,956.84
Cash Retained (M)	47,583.57	47,583.57	47,583.57
(-) Cash Required (M)	-10,551.58	-6,594.74	-3,956.84
(=) Excess Retained (M)	37,031.99	40,988.83	43,626.73
(/) Shares Outstanding (M)	8.63	8.63	8.63
(=) Excess Retained per Share	4,293.07	4,751.78	5,057.58
LTM Dividend per Share	599.85	599.85	599.85
(+) Excess Retained per Share	4,293.07	4,751.78	5,057.58
(=) Adjusted Dividend	4,892.92	5,351.63	5,657.44
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$320,361.60	$932,334.34	$1,216,349.22
Upside / Downside	419.22%	1,411.08%	1,871.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52,757.91	56,187.17	59,839.33	63,728.89	67,871.27	72,282.90	74,451.39
Payout Ratio	9.81%	25.85%	41.88%	57.92%	73.96%	90.00%	92.50%
Projected Dividends (M)	5,174.34	14,522.22	25,063.48	36,913.74	50,198.64	65,054.61	68,867.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,430.76	13,558.07	13,685.37
Year 2 PV (M)	21,437.61	21,845.93	22,258.11
Year 3 PV (M)	29,200.52	30,038.76	30,892.89
Year 4 PV (M)	36,725.01	38,137.35	39,590.04
Year 5 PV (M)	44,016.51	46,142.53	48,349.91
PV of Terminal Value (M)	1,133,369.35	1,188,111.51	1,244,948.79
Equity Value (M)	1,278,179.76	1,337,834.15	1,399,725.11
Shares Outstanding (M)	8.63	8.63	8.63
Fair Value	$148,177.57	$155,093.22	$162,268.16
Upside / Downside	140.16%	151.37%	163.00%

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Dentium Co. Ltd. (145720.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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