DDM Analysis: 035420.KS

Valuation Snapshot

Stable Growth	$293,366.60 - $748,956.83	$443,261.73
Multi-Stage	$199,263.53 - $217,897.74	$208,410.90
Blended Fair Value	$325,836.32
Current Price	$262,500.00
Upside	24.13%
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	20.49%	18.46%	772.68	405.21	1,385.58	388.24	356.84	304.32	275.80	211.58	208.66	149.64
YoY Growth	-	-	90.69%	-70.76%	256.89%	8.80%	17.26%	10.34%	30.35%	1.40%	39.44%	5.36%
Dividend Yield	-	-	0.40%	0.21%	0.69%	0.11%	0.09%	0.18%	0.22%	0.13%	0.12%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,987,895.58
(-) Cash Dividends Paid (M)	168,436.67
(=) Cash Retained (M)	1,819,458.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	397,579.12	248,486.95	149,092.17
Cash Retained (M)	1,819,458.91	1,819,458.91	1,819,458.91
(-) Cash Required (M)	-397,579.12	-248,486.95	-149,092.17
(=) Excess Retained (M)	1,421,879.80	1,570,971.96	1,670,366.74
(/) Shares Outstanding (M)	153.99	153.99	153.99
(=) Excess Retained per Share	9,233.65	10,201.85	10,847.31
LTM Dividend per Share	1,093.82	1,093.82	1,093.82
(+) Excess Retained per Share	9,233.65	10,201.85	10,847.31
(=) Adjusted Dividend	10,327.47	11,295.67	11,941.13
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$293,366.60	$443,261.73	$748,956.83
Upside / Downside	11.76%	68.86%	185.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,987,895.58	2,117,108.79	2,254,720.86	2,401,277.72	2,557,360.77	2,723,589.22	2,805,296.90
Payout Ratio	8.47%	24.78%	41.08%	57.39%	73.69%	90.00%	92.50%
Projected Dividends (M)	168,436.67	524,587.62	926,326.56	1,378,075.17	1,884,637.38	2,451,230.30	2,594,899.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	475,820.11	480,330.25	484,840.39
Year 2 PV (M)	762,102.90	776,618.82	791,271.69
Year 3 PV (M)	1,028,364.70	1,057,885.36	1,087,965.63
Year 4 PV (M)	1,275,636.10	1,324,693.47	1,375,152.37
Year 5 PV (M)	1,504,900.79	1,577,588.06	1,653,057.24
PV of Terminal Value (M)	25,637,566.69	26,875,870.75	28,161,567.62
Equity Value (M)	30,684,391.30	32,092,986.71	33,553,854.94
Shares Outstanding (M)	153.99	153.99	153.99
Fair Value	$199,263.53	$208,410.90	$217,897.74
Upside / Downside	-24.09%	-20.61%	-16.99%

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NAVER Corporation (035420.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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