DDM Analysis: 023450.KS

Valuation Snapshot

Stable Growth	$18,625.66 - $28,889.36	$23,377.04
Multi-Stage	$42,973.84 - $47,310.87	$45,099.70
Blended Fair Value	$34,238.37
Current Price	$33,950.00
Upside	0.85%
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	-9.90%	0.00%	814.52	817.77	596.11	4,510.31	10,430.88	1,371.95	225.75	88.40	58.62	58.63
YoY Growth	-	-	-0.40%	37.18%	-86.78%	-56.76%	660.30%	507.74%	155.37%	50.82%	-0.03%	0.00%
Dividend Yield	-	-	2.43%	2.61%	1.40%	7.31%	19.79%	5.25%	0.94%	0.40%	0.27%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,782.78
(-) Cash Dividends Paid (M)	3,117.36
(=) Cash Retained (M)	3,665.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,356.56	847.85	508.71
Cash Retained (M)	3,665.42	3,665.42	3,665.42
(-) Cash Required (M)	-1,356.56	-847.85	-508.71
(=) Excess Retained (M)	2,308.86	2,817.57	3,156.71
(/) Shares Outstanding (M)	3.42	3.42	3.42
(=) Excess Retained per Share	675.82	824.72	923.99
LTM Dividend per Share	912.47	912.47	912.47
(+) Excess Retained per Share	675.82	824.72	923.99
(=) Adjusted Dividend	1,588.28	1,737.19	1,836.45
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18,625.66	$23,377.04	$28,889.36
Upside / Downside	-45.14%	-31.14%	-14.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,782.78	6,714.95	6,647.80	6,581.32	6,515.51	6,450.35	6,643.86
Payout Ratio	45.96%	54.77%	63.58%	72.38%	81.19%	90.00%	92.50%
Projected Dividends (M)	3,117.36	3,677.64	4,226.40	4,763.82	5,290.07	5,805.32	6,145.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,422.90	3,457.83	3,492.76
Year 2 PV (M)	3,661.18	3,736.28	3,812.15
Year 3 PV (M)	3,840.89	3,959.67	4,080.88
Year 4 PV (M)	3,969.75	4,134.28	4,303.87
Year 5 PV (M)	4,054.65	4,265.78	4,485.62
PV of Terminal Value (M)	127,866.58	134,524.89	141,457.72
Equity Value (M)	146,815.95	154,078.73	161,632.99
Shares Outstanding (M)	3.42	3.42	3.42
Fair Value	$42,973.84	$45,099.70	$47,310.87
Upside / Downside	26.58%	32.84%	39.35%

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Dongnam Chemical Co., Ltd. (023450.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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