DDM Analysis: 025860.KS

Valuation Snapshot

Stable Growth	$11,678.00 - $29,153.86	$17,521.38
Multi-Stage	$14,202.51 - $15,596.13	$14,886.11
Blended Fair Value	$16,203.74
Current Price	$7,830.00
Upside	106.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	4.57%	60.23	100.38	60.23	80.30	60.23	50.19	80.30	45.17	60.23	48.58
YoY Growth	-	-	-40.00%	66.67%	-25.00%	33.33%	20.00%	-37.50%	77.78%	-25.00%	23.98%	26.04%
Dividend Yield	-	-	0.97%	1.37%	0.67%	0.73%	0.67%	0.72%	0.70%	0.32%	0.67%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	25,761.32
(-) Cash Dividends Paid (M)	3,835.90
(=) Cash Retained (M)	21,925.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,152.26	3,220.17	1,932.10
Cash Retained (M)	21,925.43	21,925.43	21,925.43
(-) Cash Required (M)	-5,152.26	-3,220.17	-1,932.10
(=) Excess Retained (M)	16,773.16	18,705.26	19,993.33
(/) Shares Outstanding (M)	47.77	47.77	47.77
(=) Excess Retained per Share	351.13	391.58	418.55
LTM Dividend per Share	80.30	80.30	80.30
(+) Excess Retained per Share	351.13	391.58	418.55
(=) Adjusted Dividend	431.44	471.88	498.85
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	2.57%	3.57%	4.57%
Fair Value	$11,678.00	$17,521.38	$29,153.86
Upside / Downside	49.14%	123.77%	272.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	25,761.32	26,679.74	27,630.89	28,615.95	29,636.14	30,692.69	31,613.47
Payout Ratio	14.89%	29.91%	44.93%	59.96%	74.98%	90.00%	92.50%
Projected Dividends (M)	3,835.90	7,980.47	12,415.69	17,157.00	22,220.59	27,623.42	29,242.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	2.57%	3.57%	4.57%
Year 1 PV (M)	7,431.21	7,503.67	7,576.12
Year 2 PV (M)	10,765.47	10,976.42	11,189.42
Year 3 PV (M)	13,852.71	14,261.87	14,679.00
Year 4 PV (M)	16,706.30	17,367.43	18,048.00
Year 5 PV (M)	19,338.97	20,300.30	21,299.49
PV of Terminal Value (M)	610,337.90	640,677.46	672,211.74
Equity Value (M)	678,432.58	711,087.16	745,003.76
Shares Outstanding (M)	47.77	47.77	47.77
Fair Value	$14,202.51	$14,886.11	$15,596.13
Upside / Downside	81.39%	90.12%	99.18%

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Namhae Chemical Corporation (025860.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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