DDM Analysis: NEU

Valuation Snapshot

Stable Growth	$801.75 - $1,604.48	$1,114.45
Multi-Stage	$878.65 - $963.04	$920.05
Blended Fair Value	$1,017.25
Current Price	$828.21
Upside	22.83%
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	3.26%	4.91%	10.14	8.99	8.91	9.08	8.82	8.64	8.51	8.76	8.02	7.48
YoY Growth	-	-	12.78%	0.91%	-1.92%	2.99%	2.13%	1.53%	-2.94%	9.31%	7.16%	19.13%
Dividend Yield	-	-	1.79%	1.42%	2.44%	2.80%	2.32%	2.26%	1.98%	2.18%	1.77%	1.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	448.20
(-) Cash Dividends Paid (M)	101.68
(=) Cash Retained (M)	346.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.64	56.03	33.62
Cash Retained (M)	346.52	346.52	346.52
(-) Cash Required (M)	-89.64	-56.03	-33.62
(=) Excess Retained (M)	256.88	290.49	312.90
(/) Shares Outstanding (M)	9.46	9.46	9.46
(=) Excess Retained per Share	27.16	30.72	33.08
LTM Dividend per Share	10.75	10.75	10.75
(+) Excess Retained per Share	27.16	30.72	33.08
(=) Adjusted Dividend	37.91	41.47	43.84
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	2.91%	3.91%	4.91%
Fair Value	$801.75	$1,114.45	$1,604.48
Upside / Downside	-3.20%	34.56%	93.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	448.20	465.71	483.91	502.81	522.46	542.87	559.16
Payout Ratio	22.69%	36.15%	49.61%	63.07%	76.54%	90.00%	92.50%
Projected Dividends (M)	101.68	168.35	240.08	317.15	399.87	488.58	517.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	2.91%	3.91%	4.91%
Year 1 PV (M)	154.71	156.21	157.71
Year 2 PV (M)	202.73	206.69	210.69
Year 3 PV (M)	246.11	253.36	260.74
Year 4 PV (M)	285.16	296.40	307.98
Year 5 PV (M)	320.17	336.04	352.52
PV of Terminal Value (M)	7,101.08	7,452.88	7,818.48
Equity Value (M)	8,309.97	8,701.58	9,108.13
Shares Outstanding (M)	9.46	9.46	9.46
Fair Value	$878.65	$920.05	$963.04
Upside / Downside	6.09%	11.09%	16.28%

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6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
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300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
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603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
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LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
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NewMarket Corporation (NEU)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener