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Asia Holdings Co., Ltd. (002030.KS)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$1,364,691.59 - $5,102,337.08$4,076,207.82
Multi-Stage$774,870.06 - $848,699.14$811,101.22
Blended Fair Value$2,443,654.52
Current Price$350,500.00
Upside597.19%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.26%33.79%12,754.4111,016.108,870.955,603.005,326.515,753.774,432.657,376.813,224.694,467.38
YoY Growth--15.78%24.18%58.32%5.19%-7.43%29.80%-39.91%128.76%-27.82%543.44%
Dividend Yield--4.91%4.61%6.21%3.54%4.40%7.69%3.41%6.20%3.31%4.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)42,935.28
(-) Cash Dividends Paid (M)17,183.05
(=) Cash Retained (M)25,752.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,587.065,366.913,220.15
Cash Retained (M)25,752.2325,752.2325,752.23
(-) Cash Required (M)-8,587.06-5,366.91-3,220.15
(=) Excess Retained (M)17,165.1820,385.3222,532.09
(/) Shares Outstanding (M)1.661.661.66
(=) Excess Retained per Share10,331.1312,269.2313,561.29
LTM Dividend per Share10,341.8910,341.8910,341.89
(+) Excess Retained per Share10,331.1312,269.2313,561.29
(=) Adjusted Dividend20,673.0222,611.1223,903.18
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate4.73%5.73%6.73%
Fair Value$1,364,691.59$4,076,207.82$5,102,337.08
Upside / Downside289.36%1,062.97%1,355.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)42,935.2845,395.1547,995.9550,745.7553,653.1056,727.0258,428.83
Payout Ratio40.02%50.02%60.01%70.01%80.00%90.00%92.50%
Projected Dividends (M)17,183.0522,705.1428,803.5635,526.2542,924.7251,054.3254,046.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate4.73%5.73%6.73%
Year 1 PV (M)21,154.3421,356.3321,558.32
Year 2 PV (M)25,003.2725,483.0325,967.36
Year 3 PV (M)28,732.6229,563.5630,410.37
Year 4 PV (M)32,345.1133,598.3034,887.55
Year 5 PV (M)35,843.3837,587.6139,399.10
PV of Terminal Value (M)1,144,367.891,200,055.841,257,890.93
Equity Value (M)1,287,446.611,347,644.671,410,113.62
Shares Outstanding (M)1.661.661.66
Fair Value$774,870.06$811,101.22$848,699.14
Upside / Downside121.08%131.41%142.14%

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