DDM Analysis: 071320.KS

Valuation Snapshot

Stable Growth	$610,563.29 - $1,501,500.52	$911,653.90
Multi-Stage	$828,796.46 - $910,519.91	$868,880.00
Blended Fair Value	$890,266.95
Current Price	$90,300.00
Upside	885.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-5.53%	1,715.66	940.35	807.99	978.31	152.02	0.00	2,858.89	3,852.40	3,669.92	2,139.10
YoY Growth	-	-	82.45%	16.38%	-17.41%	543.54%	0.00%	-100.00%	-25.79%	4.97%	71.56%	-29.43%
Dividend Yield	-	-	3.46%	2.51%	3.00%	2.68%	0.40%	0.00%	4.69%	4.58%	5.49%	3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	327,691.19
(-) Cash Dividends Paid (M)	64,200.75
(=) Cash Retained (M)	263,490.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65,538.24	40,961.40	24,576.84
Cash Retained (M)	263,490.44	263,490.44	263,490.44
(-) Cash Required (M)	-65,538.24	-40,961.40	-24,576.84
(=) Excess Retained (M)	197,952.20	222,529.04	238,913.60
(/) Shares Outstanding (M)	11.42	11.42	11.42
(=) Excess Retained per Share	17,331.92	19,483.77	20,918.34
LTM Dividend per Share	5,621.17	5,621.17	5,621.17
(+) Excess Retained per Share	17,331.92	19,483.77	20,918.34
(=) Adjusted Dividend	22,953.09	25,104.94	26,539.51
WACC / Discount Rate	6.03%	6.03%	6.03%
Growth Rate	2.19%	3.19%	4.19%
Fair Value	$610,563.29	$911,653.90	$1,501,500.52
Upside / Downside	576.15%	909.58%	1,562.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	327,691.19	338,133.49	348,908.54	360,026.96	371,499.68	383,337.99	394,838.13
Payout Ratio	19.59%	33.67%	47.76%	61.84%	75.92%	90.00%	92.50%
Projected Dividends (M)	64,200.75	113,861.30	166,621.65	222,628.93	282,036.50	345,004.19	365,225.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.03%	6.03%	6.03%
Growth Rate	2.19%	3.19%	4.19%
Year 1 PV (M)	106,347.08	107,387.79	108,428.51
Year 2 PV (M)	145,355.10	148,213.91	151,100.57
Year 3 PV (M)	181,396.90	186,774.65	192,257.64
Year 4 PV (M)	214,636.22	223,162.09	231,939.47
Year 5 PV (M)	245,228.81	257,465.03	270,184.89
PV of Terminal Value (M)	8,572,927.52	9,000,692.26	9,445,364.50
Equity Value (M)	9,465,891.62	9,923,695.72	10,399,275.57
Shares Outstanding (M)	11.42	11.42	11.42
Fair Value	$828,796.46	$868,880.00	$910,519.91
Upside / Downside	817.83%	862.21%	908.33%

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Korea District Heating Corp. (071320.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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