DDM Analysis: 268280.KS

Valuation Snapshot

Stable Growth	$184,964.38 - $347,642.58	$251,089.86
Multi-Stage	$301,951.16 - $331,914.99	$316,645.26
Blended Fair Value	$283,867.56
Current Price	$137,300.00
Upside	106.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.99%	0.00%	2,121.94	2,157.77	2,373.84	1,972.53	1,825.78	1,831.54	532.94	0.00	350.06	0.00
YoY Growth	-	-	-1.66%	-9.10%	20.35%	8.04%	-0.31%	243.67%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	1.42%	1.52%	1.72%	0.99%	1.08%	2.49%	0.79%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59,707.78
(-) Cash Dividends Paid (M)	13,605.65
(=) Cash Retained (M)	46,102.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,941.56	7,463.47	4,478.08
Cash Retained (M)	46,102.12	46,102.12	46,102.12
(-) Cash Required (M)	-11,941.56	-7,463.47	-4,478.08
(=) Excess Retained (M)	34,160.57	38,638.65	41,624.04
(/) Shares Outstanding (M)	4.86	4.86	4.86
(=) Excess Retained per Share	7,030.37	7,951.98	8,566.38
LTM Dividend per Share	2,800.09	2,800.09	2,800.09
(+) Excess Retained per Share	7,030.37	7,951.98	8,566.38
(=) Adjusted Dividend	9,830.46	10,752.07	11,366.47
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.99%	1.99%	2.99%
Fair Value	$184,964.38	$251,089.86	$347,642.58
Upside / Downside	34.72%	82.88%	153.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59,707.78	60,894.29	62,104.39	63,338.54	64,597.21	65,880.89	67,857.31
Payout Ratio	22.79%	36.23%	49.67%	63.11%	76.56%	90.00%	92.50%
Projected Dividends (M)	13,605.65	22,061.79	30,848.64	39,976.01	49,453.95	59,292.80	62,768.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.99%	1.99%	2.99%
Year 1 PV (M)	20,540.25	20,743.65	20,947.04
Year 2 PV (M)	26,740.28	27,272.48	27,809.92
Year 3 PV (M)	32,262.22	33,230.15	34,217.24
Year 4 PV (M)	37,158.72	38,652.54	40,190.96
Year 5 PV (M)	41,478.84	43,573.59	45,752.12
PV of Terminal Value (M)	1,309,000.40	1,375,106.91	1,443,857.63
Equity Value (M)	1,467,180.71	1,538,579.31	1,612,774.92
Shares Outstanding (M)	4.86	4.86	4.86
Fair Value	$301,951.16	$316,645.26	$331,914.99
Upside / Downside	119.92%	130.62%	141.74%

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Miwon Specialty Chemical Co., Ltd. (268280.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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