DDM Analysis: 237690.KQ

Valuation Snapshot

Stable Growth	$15,824.93 - $23,889.88	$19,629.19
Multi-Stage	$31,577.72 - $34,761.28	$33,138.24
Blended Fair Value	$26,383.72
Current Price	$89,500.00
Upside	-70.52%
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	0.16%	0.00%	471.06	471.06	471.06	0.00	0.00	467.23	467.23	462.93	147.53	52.48
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.93%	213.79%	181.11%	0.00%
Dividend Yield	-	-	0.65%	0.52%	0.64%	0.00%	0.00%	1.49%	2.10%	1.05%	0.36%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36,893.58
(-) Cash Dividends Paid (M)	10,076.44
(=) Cash Retained (M)	26,817.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,378.72	4,611.70	2,767.02
Cash Retained (M)	26,817.13	26,817.13	26,817.13
(-) Cash Required (M)	-7,378.72	-4,611.70	-2,767.02
(=) Excess Retained (M)	19,438.42	22,205.43	24,050.11
(/) Shares Outstanding (M)	19.96	19.96	19.96
(=) Excess Retained per Share	973.65	1,112.25	1,204.64
LTM Dividend per Share	504.72	504.72	504.72
(+) Excess Retained per Share	973.65	1,112.25	1,204.64
(=) Adjusted Dividend	1,478.37	1,616.96	1,709.36
WACC / Discount Rate	7.16%	7.16%	7.16%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$15,824.93	$19,629.19	$23,889.88
Upside / Downside	-82.32%	-78.07%	-73.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36,893.58	36,524.64	36,159.39	35,797.80	35,439.82	35,085.42	36,137.99
Payout Ratio	27.31%	39.85%	52.39%	64.92%	77.46%	90.00%	92.50%
Projected Dividends (M)	10,076.44	14,554.98	18,942.94	23,241.68	27,452.55	31,576.88	33,427.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.16%	7.16%	7.16%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	13,445.88	13,583.09	13,720.29
Year 2 PV (M)	16,166.01	16,497.61	16,832.58
Year 3 PV (M)	18,323.17	18,889.83	19,468.05
Year 4 PV (M)	19,993.72	20,822.37	21,676.51
Year 5 PV (M)	21,245.06	22,351.34	23,503.23
PV of Terminal Value (M)	541,259.61	569,444.25	598,790.97
Equity Value (M)	630,433.46	661,588.49	693,991.63
Shares Outstanding (M)	19.96	19.96	19.96
Fair Value	$31,577.72	$33,138.24	$34,761.28
Upside / Downside	-64.72%	-62.97%	-61.16%

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ST Pharm Co.,Ltd. (237690.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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