DDM Analysis: 002350.KS

Valuation Snapshot

Stable Growth	$32,667.34 - $77,315.57	$48,165.23
Multi-Stage	$32,300.53 - $35,426.70	$33,834.33
Blended Fair Value	$40,999.78
Current Price	$5,850.00
Upside	600.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.83%	6.14%	115.22	100.23	105.23	105.23	105.23	100.23	100.23	99.01	79.27	74.34
YoY Growth	-	-	14.95%	-4.75%	0.00%	0.00%	4.98%	0.00%	1.23%	24.90%	6.64%	17.03%
Dividend Yield	-	-	2.13%	1.20%	1.22%	1.64%	1.38%	2.14%	0.98%	0.79%	0.57%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	161,672.00
(-) Cash Dividends Paid (M)	13,378.75
(=) Cash Retained (M)	148,293.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32,334.40	20,209.00	12,125.40
Cash Retained (M)	148,293.25	148,293.25	148,293.25
(-) Cash Required (M)	-32,334.40	-20,209.00	-12,125.40
(=) Excess Retained (M)	115,958.85	128,084.25	136,167.85
(/) Shares Outstanding (M)	102.75	102.75	102.75
(=) Excess Retained per Share	1,128.55	1,246.56	1,325.23
LTM Dividend per Share	130.21	130.21	130.21
(+) Excess Retained per Share	1,128.55	1,246.56	1,325.23
(=) Adjusted Dividend	1,258.76	1,376.77	1,455.44
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	3.39%	4.39%	5.39%
Fair Value	$32,667.34	$48,165.23	$77,315.57
Upside / Downside	458.42%	723.34%	1,221.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	161,672.00	168,772.72	176,185.31	183,923.47	192,001.49	200,434.30	206,447.33
Payout Ratio	8.28%	24.62%	40.97%	57.31%	73.66%	90.00%	92.50%
Projected Dividends (M)	13,378.75	41,552.17	72,174.57	105,406.72	141,418.79	180,390.87	190,963.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	3.39%	4.39%	5.39%
Year 1 PV (M)	38,327.11	38,697.81	39,068.50
Year 2 PV (M)	61,405.74	62,599.31	63,804.36
Year 3 PV (M)	82,719.03	85,142.48	87,612.80
Year 4 PV (M)	102,366.22	106,384.36	110,519.65
Year 5 PV (M)	120,441.59	126,379.86	132,550.09
PV of Terminal Value (M)	2,913,619.92	3,057,273.53	3,206,538.25
Equity Value (M)	3,318,879.61	3,476,477.34	3,640,093.64
Shares Outstanding (M)	102.75	102.75	102.75
Fair Value	$32,300.53	$33,834.33	$35,426.70
Upside / Downside	452.15%	478.36%	505.58%

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CELL.MI	Cellularline S.p.A.	3.52%	$0.09	34.70%
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PARP.PA	Groupe Partouche S.A.	3.52%	$0.64	38.61%
PKI.TO	Parkland Corporation	3.52%	$1.40	73.81%
SMU.SN	SMU S.A.	3.52%	$5.49	46.99%
161390.KS	Hankook Tire & Technology Co., Ltd.	3.51%	$2,000.00	25.86%
300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
601128.SS	Jiangsu Changshu Rural Commercial Bank Co., Ltd.	3.51%	$0.25	19.56%
INTP.JK	PT Indocement Tunggal Prakarsa Tbk	3.51%	$259.81	43.04%
RATO-A.ST	Ratos AB (publ)	3.51%	$1.35	12.15%
002887.SZ	Tianjin LVYIN Landscape and Ecology Construction Co., Ltd	3.50%	$0.33	84.50%
603062.SS	MEGA P&C Advanced Materials (Shanghai) Company Limited	3.50%	$1.66	74.27%
CMCL	Caledonia Mining Corporation Plc	3.50%	$0.92	35.87%
DLO	DLocal Limited	3.50%	$0.49	87.74%
LAZ	Lazard Ltd	3.50%	$1.74	67.48%
TWL.MI	TraWell Co S.p.A.	3.50%	$0.21	28.69%
WJP.SI	VICOM Ltd	3.50%	$0.06	66.95%
005610.KS	SPC Samlip Co., Ltd.	3.49%	$1,803.39	45.19%
0RFL.L	VAT Group AG	3.49%	$12.50	88.50%
2030.HK	Cabbeen Fashion Limited	3.49%	$0.05	63.92%
5206.TWO	Kunyue Development Co., Ltd.	3.49%	$1.18	21.91%
5246.KL	Westports Holdings Berhad	3.49%	$0.20	71.36%
5989.T	H-One Co.,Ltd.	3.49%	$49.44	14.49%
ACO-X.TO	ATCO Ltd.	3.49%	$1.98	50.80%
CNI	Canadian National Railway Company	3.49%	$3.50	50.64%
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055550.KS	Shinhan Financial Group Co., Ltd.	3.48%	$2,668.74	26.55%
0QK5.L	INFICON Holding AG	3.48%	$3.44	43.54%
6722.TWO	Whetron Electronics Co.,Ltd.	3.48%	$1.99	24.71%
HOLM-A.ST	Holmen AB (publ)	3.48%	$12.23	66.11%
002206.SZ	Zhejiang Hailide New Material Co.,Ltd	3.47%	$0.20	43.30%
3004.SR	Northern Region Cement Company	3.47%	$0.25	79.89%
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600133.SS	Wuhan East Lake High Technology Group Co., Ltd.	3.47%	$0.32	87.27%
601995.SS	China International Capital Corporation Limited	3.47%	$1.21	62.35%
6471.T	NSK Ltd.	3.47%	$33.82	92.34%
CSED3.SA	Cruzeiro do Sul Educacional S.A.	3.47%	$0.21	30.49%
GPRA.JK	PT Perdana Gapuraprima Tbk	3.47%	$5.00	18.12%

Financial Statements

Fundamentals

Valuations

Miscellaneous

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Ticker

Industry

Sector

Nexen Tire Corporation (002350.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener