DDM Analysis: 104830.KQ

Valuation Snapshot

Stable Growth	$185,262.46 - $536,258.92	$502,527.91
Multi-Stage	$84,900.47 - $93,072.60	$88,910.63
Blended Fair Value	$295,719.27
Current Price	$32,100.00
Upside	821.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.59%	0.00%	150.01	800.03	400.02	200.01	150.01	200.01	0.00	0.00	0.00	0.00
YoY Growth	-	-	-81.25%	100.00%	100.00%	33.33%	-25.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.78%	2.10%	1.40%	0.56%	0.40%	1.06%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34,177.48
(-) Cash Dividends Paid (M)	4,412.80
(=) Cash Retained (M)	29,764.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,835.50	4,272.19	2,563.31
Cash Retained (M)	29,764.68	29,764.68	29,764.68
(-) Cash Required (M)	-6,835.50	-4,272.19	-2,563.31
(=) Excess Retained (M)	22,929.18	25,492.50	27,201.37
(/) Shares Outstanding (M)	12.61	12.61	12.61
(=) Excess Retained per Share	1,818.69	2,022.01	2,157.55
LTM Dividend per Share	350.01	350.01	350.01
(+) Excess Retained per Share	1,818.69	2,022.01	2,157.55
(=) Adjusted Dividend	2,168.71	2,372.02	2,507.57
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	4.93%	5.93%	6.93%
Fair Value	$185,262.46	$502,527.91	$536,258.92
Upside / Downside	477.14%	1,465.51%	1,570.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34,177.48	36,203.55	38,349.72	40,623.12	43,031.29	45,582.21	46,949.68
Payout Ratio	12.91%	28.33%	43.75%	59.16%	74.58%	90.00%	92.50%
Projected Dividends (M)	4,412.80	10,256.15	16,776.80	24,034.49	32,093.72	41,023.99	43,428.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	4.93%	5.93%	6.93%
Year 1 PV (M)	9,570.16	9,661.36	9,752.57
Year 2 PV (M)	14,607.57	14,887.33	15,169.74
Year 3 PV (M)	19,527.14	20,090.78	20,665.16
Year 4 PV (M)	24,330.90	25,271.77	26,239.67
Year 5 PV (M)	29,020.88	30,430.39	31,894.14
PV of Terminal Value (M)	973,325.98	1,020,599.12	1,069,691.47
Equity Value (M)	1,070,382.64	1,120,940.75	1,173,412.75
Shares Outstanding (M)	12.61	12.61	12.61
Fair Value	$84,900.47	$88,910.63	$93,072.60
Upside / Downside	164.49%	176.98%	189.95%

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WONIK Materials Co.,Ltd. (104830.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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