DDM Analysis: 003920.KS

Valuation Snapshot

Stable Growth	$14,145.02 - $19,608.65	$16,886.39
Multi-Stage	$22,075.46 - $24,308.04	$23,169.71
Blended Fair Value	$20,028.05
Current Price	$64,300.00
Upside	-68.85%
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	0.80%	0.40%	102.65	98.71	98.57	98.58	98.61	98.66	98.62	98.61	98.61	98.60
YoY Growth	-	-	3.99%	0.14%	0.00%	-0.03%	-0.05%	0.04%	0.01%	0.00%	0.01%	0.01%
Dividend Yield	-	-	0.15%	0.18%	0.18%	0.25%	0.33%	0.34%	0.17%	0.15%	0.12%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21,385.40
(-) Cash Dividends Paid (M)	835.99
(=) Cash Retained (M)	20,549.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,277.08	2,673.17	1,603.90
Cash Retained (M)	20,549.41	20,549.41	20,549.41
(-) Cash Required (M)	-4,277.08	-2,673.17	-1,603.90
(=) Excess Retained (M)	16,272.33	17,876.23	18,945.50
(/) Shares Outstanding (M)	8.67	8.67	8.67
(=) Excess Retained per Share	1,877.34	2,062.38	2,185.75
LTM Dividend per Share	96.45	96.45	96.45
(+) Excess Retained per Share	1,877.34	2,062.38	2,185.75
(=) Adjusted Dividend	1,973.79	2,158.83	2,282.19
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	-3.56%	-2.56%	-1.56%
Fair Value	$14,145.02	$16,886.39	$19,608.65
Upside / Downside	-78.00%	-73.74%	-69.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,385.40	20,837.50	20,303.64	19,783.45	19,276.60	18,782.73	19,346.21
Payout Ratio	3.91%	21.13%	38.35%	55.56%	72.78%	90.00%	92.50%
Projected Dividends (M)	835.99	4,402.41	7,785.53	10,992.41	14,029.86	16,904.45	17,895.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	-3.56%	-2.56%	-1.56%
Year 1 PV (M)	3,964.90	4,006.02	4,047.13
Year 2 PV (M)	6,314.99	6,446.64	6,579.64
Year 3 PV (M)	8,030.08	8,282.48	8,540.11
Year 4 PV (M)	9,230.44	9,619.30	10,020.31
Year 5 PV (M)	10,016.42	10,546.63	11,099.05
PV of Terminal Value (M)	153,787.71	161,928.19	170,409.80
Equity Value (M)	191,344.55	200,829.24	210,696.03
Shares Outstanding (M)	8.67	8.67	8.67
Fair Value	$22,075.46	$23,169.71	$24,308.04
Upside / Downside	-65.67%	-63.97%	-62.20%

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Namyang Dairy Products Co., Ltd (003920.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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