DDM Analysis: 005940.KS

Valuation Snapshot

Stable Growth	$129,748.49 - $418,994.90	$392,659.58
Multi-Stage	$55,896.28 - $61,139.80	$58,470.05
Blended Fair Value	$225,564.82
Current Price	$19,990.00
Upside	1,028.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.12%	37.20%	806.22	710.53	959.34	608.86	435.68	435.30	435.30	348.78	348.78	141.14
YoY Growth	-	-	13.47%	-25.93%	57.56%	39.75%	0.09%	0.00%	24.80%	0.00%	147.11%	313.82%
Dividend Yield	-	-	5.75%	6.30%	10.90%	5.34%	3.74%	4.84%	3.19%	2.46%	2.78%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	728,950.00
(-) Cash Dividends Paid (M)	328,342.00
(=) Cash Retained (M)	400,608.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	145,790.00	91,118.75	54,671.25
Cash Retained (M)	400,608.00	400,608.00	400,608.00
(-) Cash Required (M)	-145,790.00	-91,118.75	-54,671.25
(=) Excess Retained (M)	254,818.00	309,489.25	345,936.75
(/) Shares Outstanding (M)	345.99	345.99	345.99
(=) Excess Retained per Share	736.48	894.49	999.83
LTM Dividend per Share	948.98	948.98	948.98
(+) Excess Retained per Share	736.48	894.49	999.83
(=) Adjusted Dividend	1,685.46	1,843.47	1,948.81
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$129,748.49	$392,659.58	$418,994.90
Upside / Downside	549.07%	1,864.28%	1,996.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	728,950.00	776,331.75	826,793.31	880,534.88	937,769.65	998,724.67	1,028,686.41
Payout Ratio	45.04%	54.03%	63.03%	72.02%	81.01%	90.00%	92.50%
Projected Dividends (M)	328,342.00	419,487.10	521,093.82	634,137.07	759,674.33	898,852.21	951,534.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	388,833.57	392,519.20	396,204.82
Year 2 PV (M)	447,719.70	456,247.50	464,855.76
Year 3 PV (M)	505,031.62	519,529.27	534,301.74
Year 4 PV (M)	560,800.03	582,366.81	604,549.75
Year 5 PV (M)	615,055.07	644,762.46	675,606.83
PV of Terminal Value (M)	16,822,364.90	17,634,891.41	18,478,515.23
Equity Value (M)	19,339,804.90	20,230,316.66	21,154,034.12
Shares Outstanding (M)	345.99	345.99	345.99
Fair Value	$55,896.28	$58,470.05	$61,139.80
Upside / Downside	179.62%	192.50%	205.85%

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NH Investment & Securities Co., Ltd. (005940.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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