DDM Analysis: 003200.KS

Valuation Snapshot

Stable Growth	$9,903.55 - $14,790.48	$12,225.91
Multi-Stage	$13,927.27 - $15,263.89	$14,582.91
Blended Fair Value	$13,404.41
Current Price	$10,200.00
Upside	31.42%
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	4.40%	1.96%	275.82	539.41	326.03	165.98	167.05	222.35	169.81	314.45	281.51	199.28
YoY Growth	-	-	-48.87%	65.45%	96.43%	-0.64%	-24.87%	30.94%	-46.00%	11.70%	41.27%	-12.24%
Dividend Yield	-	-	3.46%	5.96%	2.51%	1.43%	1.77%	4.83%	1.73%	2.93%	2.52%	1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24,989.42
(-) Cash Dividends Paid (M)	7,981.99
(=) Cash Retained (M)	17,007.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,997.88	3,123.68	1,874.21
Cash Retained (M)	17,007.42	17,007.42	17,007.42
(-) Cash Required (M)	-4,997.88	-3,123.68	-1,874.21
(=) Excess Retained (M)	12,009.54	13,883.75	15,133.22
(/) Shares Outstanding (M)	21.22	21.22	21.22
(=) Excess Retained per Share	566.01	654.35	713.23
LTM Dividend per Share	376.19	376.19	376.19
(+) Excess Retained per Share	566.01	654.35	713.23
(=) Adjusted Dividend	942.21	1,030.54	1,089.43
WACC / Discount Rate	9.47%	9.47%	9.47%
Growth Rate	-0.04%	0.96%	1.96%
Fair Value	$9,903.55	$12,225.91	$14,790.48
Upside / Downside	-2.91%	19.86%	45.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,989.42	25,230.16	25,473.23	25,718.63	25,966.41	26,216.56	27,003.06
Payout Ratio	31.94%	43.55%	55.16%	66.78%	78.39%	90.00%	92.50%
Projected Dividends (M)	7,981.99	10,988.54	14,052.28	17,174.03	20,354.62	23,594.91	24,977.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.47%	9.47%	9.47%
Growth Rate	-0.04%	0.96%	1.96%
Year 1 PV (M)	9,938.19	10,037.60	10,137.02
Year 2 PV (M)	11,494.26	11,725.38	11,958.80
Year 3 PV (M)	12,704.96	13,090.08	13,482.90
Year 4 PV (M)	13,618.57	14,171.74	14,741.60
Year 5 PV (M)	14,277.55	15,006.12	15,764.13
PV of Terminal Value (M)	233,471.77	245,385.62	257,780.95
Equity Value (M)	295,505.28	309,416.54	323,865.40
Shares Outstanding (M)	21.22	21.22	21.22
Fair Value	$13,927.27	$14,582.91	$15,263.89
Upside / Downside	36.54%	42.97%	49.65%

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Financial Statements

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Ilshin Spinning Co.,Ltd (003200.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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