DDM Analysis: 3659.T

Valuation Snapshot

Stable Growth	$23,349.16 - $27,509.27	$25,780.21
Multi-Stage	$17,250.87 - $18,934.07	$18,076.75
Blended Fair Value	$21,928.48
Current Price	$3,247.00
Upside	575.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	8.94%	12.58	10.48	10.73	5.43	5.40	0.00	0.00	0.00	5.32	5.26
YoY Growth	-	-	20.00%	-2.34%	97.82%	0.54%	0.00%	0.00%	-100.00%	-99.98%	1.23%	-1.55%
Dividend Yield	-	-	0.62%	0.42%	0.34%	0.19%	0.15%	0.00%	0.00%	0.00%	0.60%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	113,224.00
(-) Cash Dividends Paid (M)	23,979.00
(=) Cash Retained (M)	89,245.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22,644.80	14,153.00	8,491.80
Cash Retained (M)	89,245.00	89,245.00	89,245.00
(-) Cash Required (M)	-22,644.80	-14,153.00	-8,491.80
(=) Excess Retained (M)	66,600.20	75,092.00	80,753.20
(/) Shares Outstanding (M)	818.54	818.54	818.54
(=) Excess Retained per Share	81.36	91.74	98.66
LTM Dividend per Share	29.29	29.29	29.29
(+) Excess Retained per Share	81.36	91.74	98.66
(=) Adjusted Dividend	110.66	121.03	127.95
WACC / Discount Rate	0.57%	0.57%	0.57%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23,349.16	$25,780.21	$27,509.27
Upside / Downside	619.10%	693.97%	747.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113,224.00	120,583.56	128,421.49	136,768.89	145,658.87	155,126.69	159,780.49
Payout Ratio	21.18%	34.94%	48.71%	62.47%	76.24%	90.00%	92.50%
Projected Dividends (M)	23,979.00	42,135.15	62,550.29	85,441.37	111,044.02	139,614.02	147,796.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.57%	0.57%	0.57%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41,502.36	41,895.75	42,289.14
Year 2 PV (M)	60,685.63	61,841.52	63,008.31
Year 3 PV (M)	81,649.40	83,993.27	86,381.56
Year 4 PV (M)	104,522.13	108,541.76	112,676.22
Year 5 PV (M)	129,440.57	135,692.60	142,183.90
PV of Terminal Value (M)	13,702,722.42	14,364,569.04	15,051,746.08
Equity Value (M)	14,120,522.52	14,796,533.93	15,498,285.22
Shares Outstanding (M)	818.54	818.54	818.54
Fair Value	$17,250.87	$18,076.75	$18,934.07
Upside / Downside	431.29%	456.72%	483.13%

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NEXON Co., Ltd. (3659.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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