DDM Analysis: 002900.KS

Valuation Snapshot

Stable Growth	$59,551.00 - $194,052.35	$181,855.47
Multi-Stage	$25,155.66 - $27,550.99	$26,331.27
Blended Fair Value	$104,093.37
Current Price	$5,470.00
Upside	1,802.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	69.48%	21.49%	165.31	193.04	140.98	0.00	0.00	11.82	23.61	15.74	23.61	11.84
YoY Growth	-	-	-14.36%	36.93%	0.00%	0.00%	-100.00%	-49.91%	50.00%	-33.33%	99.40%	-49.85%
Dividend Yield	-	-	3.89%	3.53%	1.78%	0.00%	0.00%	0.40%	0.49%	0.27%	0.40%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40,540.23
(-) Cash Dividends Paid (M)	4,496.92
(=) Cash Retained (M)	36,043.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,108.05	5,067.53	3,040.52
Cash Retained (M)	36,043.31	36,043.31	36,043.31
(-) Cash Required (M)	-8,108.05	-5,067.53	-3,040.52
(=) Excess Retained (M)	27,935.27	30,975.78	33,002.79
(/) Shares Outstanding (M)	41.55	41.55	41.55
(=) Excess Retained per Share	672.37	745.55	794.33
LTM Dividend per Share	108.23	108.23	108.23
(+) Excess Retained per Share	672.37	745.55	794.33
(=) Adjusted Dividend	780.60	853.78	902.57
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$59,551.00	$181,855.47	$194,052.35
Upside / Downside	988.68%	3,224.60%	3,447.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40,540.23	43,175.35	45,981.74	48,970.56	52,153.64	55,543.63	57,209.94
Payout Ratio	11.09%	26.87%	42.66%	58.44%	74.22%	90.00%	92.50%
Projected Dividends (M)	4,496.92	11,602.94	19,613.74	28,616.92	38,707.65	49,989.27	52,919.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,753.81	10,855.75	10,957.68
Year 2 PV (M)	16,848.05	17,168.96	17,492.89
Year 3 PV (M)	22,782.78	23,436.79	24,103.20
Year 4 PV (M)	28,561.12	29,659.50	30,789.26
Year 5 PV (M)	34,186.12	35,837.32	37,551.72
PV of Terminal Value (M)	932,029.30	977,046.66	1,023,786.94
Equity Value (M)	1,045,161.18	1,094,004.98	1,144,681.69
Shares Outstanding (M)	41.55	41.55	41.55
Fair Value	$25,155.66	$26,331.27	$27,550.99
Upside / Downside	359.88%	381.38%	403.67%

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TYM Corporation (002900.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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