DDM Analysis: 218410.KQ

Valuation Snapshot

Stable Growth	$4,757.47 - $6,979.27	$5,826.88
Multi-Stage	$8,259.44 - $9,086.46	$8,664.87
Blended Fair Value	$7,245.87
Current Price	$29,700.00
Upside	-75.60%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.42%	0.00%	101.57	122.00	154.48	92.91	186.97	176.06	42.82	0.00	0.00	0.00
YoY Growth	-	-	-16.75%	-21.03%	66.28%	-50.31%	6.20%	311.15%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.72%	0.74%	0.56%	0.30%	0.50%	0.46%	0.15%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,809.10
(-) Cash Dividends Paid (M)	2,951.90
(=) Cash Retained (M)	12,857.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,161.82	1,976.14	1,185.68
Cash Retained (M)	12,857.20	12,857.20	12,857.20
(-) Cash Required (M)	-3,161.82	-1,976.14	-1,185.68
(=) Excess Retained (M)	9,695.38	10,881.06	11,671.51
(/) Shares Outstanding (M)	25.50	25.50	25.50
(=) Excess Retained per Share	380.23	426.73	457.73
LTM Dividend per Share	115.77	115.77	115.77
(+) Excess Retained per Share	380.23	426.73	457.73
(=) Adjusted Dividend	496.00	542.50	573.50
WACC / Discount Rate	8.22%	8.22%	8.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4,757.47	$5,826.88	$6,979.27
Upside / Downside	-83.98%	-80.38%	-76.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,809.10	15,651.01	15,494.49	15,339.55	15,186.15	15,034.29	15,485.32
Payout Ratio	18.67%	32.94%	47.20%	61.47%	75.73%	90.00%	92.50%
Projected Dividends (M)	2,951.90	5,155.09	7,313.91	9,429.05	11,501.15	13,530.86	14,323.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.22%	8.22%	8.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,715.53	4,763.65	4,811.77
Year 2 PV (M)	6,119.83	6,245.36	6,372.17
Year 3 PV (M)	7,216.93	7,440.12	7,667.86
Year 4 PV (M)	8,052.32	8,386.05	8,730.05
Year 5 PV (M)	8,665.63	9,116.87	9,586.71
PV of Terminal Value (M)	175,835.08	184,991.22	194,524.88
Equity Value (M)	210,605.32	220,943.27	231,693.43
Shares Outstanding (M)	25.50	25.50	25.50
Fair Value	$8,259.44	$8,664.87	$9,086.46
Upside / Downside	-72.19%	-70.83%	-69.41%

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RFHIC Corporation (218410.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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