DDM Analysis: 004370.KS

Valuation Snapshot

Stable Growth	$515,289.89 - $1,117,610.81	$737,389.73
Multi-Stage	$519,147.68 - $568,969.42	$543,593.58
Blended Fair Value	$640,491.66
Current Price	$431,500.00
Upside	48.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.56%	2.26%	4,812.23	4,812.27	3,849.72	3,849.80	3,849.75	3,849.71	3,849.71	3,850.01	3,849.72	3,849.67
YoY Growth	-	-	0.00%	25.00%	0.00%	0.00%	0.00%	0.00%	-0.01%	0.01%	0.00%	0.00%
Dividend Yield	-	-	1.19%	1.27%	1.02%	1.29%	1.36%	1.33%	1.25%	1.26%	1.29%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	164,017.18
(-) Cash Dividends Paid (M)	29,705.92
(=) Cash Retained (M)	134,311.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32,803.44	20,502.15	12,301.29
Cash Retained (M)	134,311.26	134,311.26	134,311.26
(-) Cash Required (M)	-32,803.44	-20,502.15	-12,301.29
(=) Excess Retained (M)	101,507.82	113,809.11	122,009.97
(/) Shares Outstanding (M)	6.01	6.01	6.01
(=) Excess Retained per Share	16,895.44	18,942.93	20,307.92
LTM Dividend per Share	4,944.39	4,944.39	4,944.39
(+) Excess Retained per Share	16,895.44	18,942.93	20,307.92
(=) Adjusted Dividend	21,839.84	23,887.32	25,252.31
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	3.35%	4.35%	5.35%
Fair Value	$515,289.89	$737,389.73	$1,117,610.81
Upside / Downside	19.42%	70.89%	159.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	164,017.18	171,154.33	178,602.04	186,373.85	194,483.83	202,946.72	209,035.13
Payout Ratio	18.11%	32.49%	46.87%	61.24%	75.62%	90.00%	92.50%
Projected Dividends (M)	29,705.92	55,606.63	83,705.21	114,143.89	147,073.14	182,652.05	193,357.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	3.35%	4.35%	5.35%
Year 1 PV (M)	51,121.13	51,615.77	52,110.40
Year 2 PV (M)	70,745.74	72,121.39	73,510.29
Year 3 PV (M)	88,689.94	91,289.35	93,939.06
Year 4 PV (M)	105,057.95	109,183.39	113,429.15
Year 5 PV (M)	119,948.28	125,864.60	132,012.10
PV of Terminal Value (M)	2,683,476.21	2,815,835.75	2,953,367.30
Equity Value (M)	3,119,039.25	3,265,910.24	3,418,368.30
Shares Outstanding (M)	6.01	6.01	6.01
Fair Value	$519,147.68	$543,593.58	$568,969.42
Upside / Downside	20.31%	25.98%	31.86%

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Nongshim Co., Ltd. (004370.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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