DDM Analysis: 161890.KS

Valuation Snapshot

Stable Growth	$437,747.36 - $956,238.88	$896,135.87
Multi-Stage	$142,678.41 - $156,254.16	$149,341.22
Blended Fair Value	$522,738.54
Current Price	$77,800.00
Upside	571.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.32%	25.21%	820.92	578.77	497.79	334.39	319.86	312.39	268.20	263.41	180.55	143.01
YoY Growth	-	-	41.84%	16.27%	48.87%	4.54%	2.39%	16.47%	1.82%	45.90%	26.25%	65.02%
Dividend Yield	-	-	1.31%	1.12%	1.19%	0.77%	0.56%	0.83%	0.33%	0.34%	0.24%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	113,505.74
(-) Cash Dividends Paid (M)	25,865.90
(=) Cash Retained (M)	87,639.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22,701.15	14,188.22	8,512.93
Cash Retained (M)	87,639.84	87,639.84	87,639.84
(-) Cash Required (M)	-22,701.15	-14,188.22	-8,512.93
(=) Excess Retained (M)	64,938.69	73,451.62	79,126.91
(/) Shares Outstanding (M)	23.61	23.61	23.61
(=) Excess Retained per Share	2,750.88	3,111.50	3,351.91
LTM Dividend per Share	1,095.71	1,095.71	1,095.71
(+) Excess Retained per Share	2,750.88	3,111.50	3,351.91
(=) Adjusted Dividend	3,846.59	4,207.21	4,447.62
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$437,747.36	$896,135.87	$956,238.88
Upside / Downside	462.66%	1,051.85%	1,129.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113,505.74	120,883.61	128,741.04	137,109.21	146,021.31	155,512.69	160,178.07
Payout Ratio	22.79%	36.23%	49.67%	63.12%	76.56%	90.00%	92.50%
Projected Dividends (M)	25,865.90	43,796.79	63,949.42	86,536.85	111,790.46	139,961.42	148,164.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40,765.53	41,151.94	41,538.34
Year 2 PV (M)	55,403.63	56,458.92	57,524.16
Year 3 PV (M)	69,783.63	71,786.86	73,828.08
Year 4 PV (M)	83,908.89	87,135.79	90,454.88
Year 5 PV (M)	97,782.79	102,505.73	107,409.43
PV of Terminal Value (M)	3,020,493.34	3,166,384.30	3,317,858.85
Equity Value (M)	3,368,137.82	3,525,423.54	3,688,613.74
Shares Outstanding (M)	23.61	23.61	23.61
Fair Value	$142,678.41	$149,341.22	$156,254.16
Upside / Downside	83.39%	91.96%	100.84%

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Kolmar Korea Co., Ltd. (161890.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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