DDM Analysis: 155660.KS

Valuation Snapshot

Stable Growth	$20,707.53 - $57,805.88	$32,158.92
Multi-Stage	$23,360.11 - $25,649.24	$24,483.02
Blended Fair Value	$28,320.97
Current Price	$3,745.00
Upside	656.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	12.78%	61.05	61.05	50.88	50.88	50.88	50.88	50.88	50.88	50.88	30.53
YoY Growth	-	-	0.00%	20.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	66.67%	66.47%
Dividend Yield	-	-	1.68%	1.45%	0.97%	0.77%	0.90%	1.72%	1.08%	0.91%	0.31%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,695.76
(-) Cash Dividends Paid (M)	1,602.83
(=) Cash Retained (M)	12,092.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,739.15	1,711.97	1,027.18
Cash Retained (M)	12,092.94	12,092.94	12,092.94
(-) Cash Required (M)	-2,739.15	-1,711.97	-1,027.18
(=) Excess Retained (M)	9,353.78	10,380.97	11,065.75
(/) Shares Outstanding (M)	15.72	15.72	15.72
(=) Excess Retained per Share	594.87	660.20	703.75
LTM Dividend per Share	101.94	101.94	101.94
(+) Excess Retained per Share	594.87	660.20	703.75
(=) Adjusted Dividend	696.81	762.13	805.69
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	2.87%	3.87%	4.87%
Fair Value	$20,707.53	$32,158.92	$57,805.88
Upside / Downside	452.94%	758.72%	1,443.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,695.76	14,226.32	14,777.43	15,349.89	15,944.53	16,562.20	17,059.07
Payout Ratio	11.70%	27.36%	43.02%	58.68%	74.34%	90.00%	92.50%
Projected Dividends (M)	1,602.83	3,892.67	6,357.52	9,007.50	11,853.26	14,905.98	15,779.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	2.87%	3.87%	4.87%
Year 1 PV (M)	3,625.50	3,660.74	3,695.98
Year 2 PV (M)	5,514.78	5,622.52	5,731.29
Year 3 PV (M)	7,277.21	7,491.50	7,709.95
Year 4 PV (M)	8,919.04	9,270.93	9,633.12
Year 5 PV (M)	10,446.27	10,963.96	11,501.97
PV of Terminal Value (M)	331,531.22	347,961.02	365,035.84
Equity Value (M)	367,314.02	384,970.66	403,308.16
Shares Outstanding (M)	15.72	15.72	15.72
Fair Value	$23,360.11	$24,483.02	$25,649.24
Upside / Downside	523.77%	553.75%	584.89%

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DSR Corp (155660.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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