DDM Analysis: 008260.KS

Valuation Snapshot

Stable Growth	$64,151.16 - $128,328.54	$120,262.64
Multi-Stage	$19,524.21 - $21,388.68	$20,439.24
Blended Fair Value	$70,350.94
Current Price	$3,615.00
Upside	1,846.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.11%	9.66%	126.08	100.87	75.65	50.43	50.43	50.43	50.13	50.13	50.13	50.13
YoY Growth	-	-	25.00%	33.33%	50.00%	0.00%	0.00%	0.61%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.90%	2.14%	1.21%	0.98%	1.40%	3.58%	2.07%	1.59%	1.21%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,296.11
(-) Cash Dividends Paid (M)	2,822.65
(=) Cash Retained (M)	15,473.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,659.22	2,287.01	1,372.21
Cash Retained (M)	15,473.47	15,473.47	15,473.47
(-) Cash Required (M)	-3,659.22	-2,287.01	-1,372.21
(=) Excess Retained (M)	11,814.24	13,186.45	14,101.26
(/) Shares Outstanding (M)	28.35	28.35	28.35
(=) Excess Retained per Share	416.67	465.06	497.33
LTM Dividend per Share	99.55	99.55	99.55
(+) Excess Retained per Share	416.67	465.06	497.33
(=) Adjusted Dividend	516.22	564.61	596.88
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$64,151.16	$120,262.64	$128,328.54
Upside / Downside	1,674.58%	3,226.77%	3,449.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,296.11	19,485.36	20,751.91	22,100.78	23,537.33	25,067.26	25,819.28
Payout Ratio	15.43%	30.34%	45.26%	60.17%	75.09%	90.00%	92.50%
Projected Dividends (M)	2,822.65	5,912.26	9,391.60	13,298.27	17,673.13	22,560.53	23,882.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,507.10	5,559.30	5,611.50
Year 2 PV (M)	8,148.52	8,303.73	8,460.40
Year 3 PV (M)	10,747.41	11,055.93	11,370.30
Year 4 PV (M)	13,304.30	13,815.94	14,342.21
Year 5 PV (M)	15,819.68	16,583.77	17,377.11
PV of Terminal Value (M)	500,064.11	524,217.39	549,295.07
Equity Value (M)	553,591.12	579,536.07	606,456.60
Shares Outstanding (M)	28.35	28.35	28.35
Fair Value	$19,524.21	$20,439.24	$21,388.68
Upside / Downside	440.09%	465.40%	491.66%

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Ni Steel Co.,Ltd (008260.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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