DDM Analysis: 251270.KS

Valuation Snapshot

Stable Growth	$30,788.37 - $93,313.59	$48,972.54
Multi-Stage	$107,964.31 - $119,286.46	$113,511.83
Blended Fair Value	$81,242.19
Current Price	$61,700.00
Upside	31.67%
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	-7.46%	0.00%	1.06	25.97	627.15	1,876.92	0.00	1.57	365.88	0.00	46.17	37.41
YoY Growth	-	-	-95.90%	-95.86%	-66.59%	0.00%	-100.00%	-99.57%	0.00%	-100.00%	23.41%	0.00%
Dividend Yield	-	-	0.00%	0.04%	0.95%	1.68%	0.00%	0.00%	0.30%	0.00%	0.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107,560.13
(-) Cash Dividends Paid (M)	41,257.49
(=) Cash Retained (M)	66,302.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21,512.03	13,445.02	8,067.01
Cash Retained (M)	66,302.64	66,302.64	66,302.64
(-) Cash Required (M)	-21,512.03	-13,445.02	-8,067.01
(=) Excess Retained (M)	44,790.61	52,857.62	58,235.63
(/) Shares Outstanding (M)	83.64	83.64	83.64
(=) Excess Retained per Share	535.55	632.00	696.30
LTM Dividend per Share	493.30	493.30	493.30
(+) Excess Retained per Share	535.55	632.00	696.30
(=) Adjusted Dividend	1,028.85	1,125.30	1,189.61
WACC / Discount Rate	1.27%	1.27%	1.27%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$30,788.37	$48,972.54	$93,313.59
Upside / Downside	-50.10%	-20.63%	51.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107,560.13	106,484.53	105,419.68	104,365.49	103,321.83	102,288.61	105,357.27
Payout Ratio	38.36%	48.69%	59.01%	69.34%	79.67%	90.00%	92.50%
Projected Dividends (M)	41,257.49	51,843.15	62,212.97	72,370.20	82,318.07	92,059.75	97,455.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.27%	1.27%	1.27%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	50,673.47	51,190.54	51,707.62
Year 2 PV (M)	59,437.35	60,656.55	61,888.12
Year 3 PV (M)	67,581.47	69,671.47	71,804.12
Year 4 PV (M)	75,136.73	78,250.80	81,460.68
Year 5 PV (M)	82,132.72	86,409.56	90,862.73
PV of Terminal Value (M)	8,694,660.47	9,147,411.61	9,618,829.99
Equity Value (M)	9,029,622.21	9,493,590.53	9,976,553.27
Shares Outstanding (M)	83.64	83.64	83.64
Fair Value	$107,964.31	$113,511.83	$119,286.46
Upside / Downside	74.98%	83.97%	93.33%

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Netmarble Corporation (251270.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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