DDM Analysis: 030190.KQ

Valuation Snapshot

Stable Growth	$65,718.02 - $169,881.16	$159,203.53
Multi-Stage	$24,353.47 - $26,651.67	$25,481.48
Blended Fair Value	$92,342.50
Current Price	$12,340.00
Upside	648.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	20.11%	15.01%	330.64	275.53	230.45	190.37	140.27	132.25	122.08	101.73	91.56	91.56
YoY Growth	-	-	20.00%	19.57%	21.05%	35.71%	6.06%	8.33%	20.00%	11.11%	0.00%	12.10%
Dividend Yield	-	-	2.68%	1.40%	1.30%	1.08%	0.79%	0.75%	0.69%	0.58%	0.52%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50,968.11
(-) Cash Dividends Paid (M)	19,728.32
(=) Cash Retained (M)	31,239.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,193.62	6,371.01	3,822.61
Cash Retained (M)	31,239.79	31,239.79	31,239.79
(-) Cash Required (M)	-10,193.62	-6,371.01	-3,822.61
(=) Excess Retained (M)	21,046.17	24,868.77	27,417.18
(/) Shares Outstanding (M)	59.67	59.67	59.67
(=) Excess Retained per Share	352.73	416.79	459.50
LTM Dividend per Share	330.64	330.64	330.64
(+) Excess Retained per Share	352.73	416.79	459.50
(=) Adjusted Dividend	683.37	747.43	790.14
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65,718.02	$159,203.53	$169,881.16
Upside / Downside	432.56%	1,190.14%	1,276.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50,968.11	54,281.04	57,809.30	61,566.91	65,568.76	69,830.73	71,925.65
Payout Ratio	38.71%	48.97%	59.22%	69.48%	79.74%	90.00%	92.50%
Projected Dividends (M)	19,728.32	26,579.12	34,237.16	42,778.46	52,285.47	62,847.65	66,531.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24,700.07	24,934.20	25,168.32
Year 2 PV (M)	29,567.40	30,130.58	30,699.07
Year 3 PV (M)	34,331.93	35,317.48	36,321.71
Year 4 PV (M)	38,995.26	40,494.91	42,037.40
Year 5 PV (M)	43,558.97	45,662.88	47,847.32
PV of Terminal Value (M)	1,281,942.67	1,343,860.98	1,408,149.04
Equity Value (M)	1,453,096.30	1,520,401.02	1,590,222.86
Shares Outstanding (M)	59.67	59.67	59.67
Fair Value	$24,353.47	$25,481.48	$26,651.67
Upside / Downside	97.35%	106.49%	115.98%

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NICE Information Service Co., Ltd. (030190.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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