DDM Analysis: 002350.KS

Valuation Snapshot

Stable Growth	$41,374.09 - $133,898.18	$66,985.75
Multi-Stage	$40,532.89 - $44,484.41	$42,471.47
Blended Fair Value	$54,728.61
Current Price	$5,850.00
Upside	835.53%
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	6.54%	6.54%	6.54%
Growth Rate	3.39%	4.39%	5.39%
Fair Value	$41,374.09	$66,985.75	$133,898.18
Upside / Downside	607.25%	1,045.06%	2,188.86%

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	6.54%	6.54%	6.54%
Growth Rate	3.39%	4.39%	5.39%
Year 1 PV (M)	38,628.72	39,002.33	39,375.95
Year 2 PV (M)	62,375.99	63,588.42	64,812.52
Year 3 PV (M)	84,687.28	87,168.39	89,697.50
Year 4 PV (M)	105,626.69	109,772.81	114,039.81
Year 5 PV (M)	125,255.78	131,431.41	137,848.26
PV of Terminal Value (M)	3,748,179.52	3,932,980.39	4,124,999.59
Equity Value (M)	4,164,753.98	4,363,943.76	4,570,773.63
Shares Outstanding (M)	102.75	102.75	102.75
Fair Value	$40,532.89	$42,471.47	$44,484.41
Upside / Downside	592.87%	626.01%	660.42%

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Nexen Tire Corporation (002350.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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