DDM Analysis: 003920.KS

Valuation Snapshot

Stable Growth	$16,083.58 - $22,842.48	$19,414.24
Multi-Stage	$29,549.25 - $32,584.23	$31,036.51
Blended Fair Value	$25,225.37
Current Price	$64,300.00
Upside	-60.77%
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	0.80%	0.40%	102.65	98.71	98.57	98.58	98.61	98.66	98.62	98.61	98.61	98.60
YoY Growth	-	-	3.99%	0.14%	0.00%	-0.03%	-0.05%	0.04%	0.01%	0.00%	0.01%	0.01%
Dividend Yield	-	-	0.15%	0.18%	0.18%	0.25%	0.33%	0.34%	0.17%	0.15%	0.12%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21,385.40
(-) Cash Dividends Paid (M)	835.99
(=) Cash Retained (M)	20,549.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,277.08	2,673.17	1,603.90
Cash Retained (M)	20,549.41	20,549.41	20,549.41
(-) Cash Required (M)	-4,277.08	-2,673.17	-1,603.90
(=) Excess Retained (M)	16,272.33	17,876.23	18,945.50
(/) Shares Outstanding (M)	8.67	8.67	8.67
(=) Excess Retained per Share	1,877.34	2,062.38	2,185.75
LTM Dividend per Share	96.45	96.45	96.45
(+) Excess Retained per Share	1,877.34	2,062.38	2,185.75
(=) Adjusted Dividend	1,973.79	2,158.83	2,282.19
WACC / Discount Rate	8.27%	8.27%	8.27%
Growth Rate	-3.56%	-2.56%	-1.56%
Fair Value	$16,083.58	$19,414.24	$22,842.48
Upside / Downside	-74.99%	-69.81%	-64.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,385.40	20,837.50	20,303.64	19,783.45	19,276.60	18,782.73	19,346.21
Payout Ratio	3.91%	21.13%	38.35%	55.56%	72.78%	90.00%	92.50%
Projected Dividends (M)	835.99	4,402.41	7,785.53	10,992.41	14,029.86	16,904.45	17,895.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.27%	8.27%	8.27%
Growth Rate	-3.56%	-2.56%	-1.56%
Year 1 PV (M)	4,024.30	4,066.03	4,107.76
Year 2 PV (M)	6,505.61	6,641.23	6,778.25
Year 3 PV (M)	8,396.40	8,660.31	8,929.70
Year 4 PV (M)	9,796.10	10,208.78	10,634.36
Year 5 PV (M)	10,789.49	11,360.61	11,955.67
PV of Terminal Value (M)	216,613.65	228,079.71	240,026.26
Equity Value (M)	256,125.54	269,016.67	282,431.99
Shares Outstanding (M)	8.67	8.67	8.67
Fair Value	$29,549.25	$31,036.51	$32,584.23
Upside / Downside	-54.04%	-51.73%	-49.32%

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Namyang Dairy Products Co., Ltd (003920.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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