Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shinil Electronics Co.,Ltd (002700.KS)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$296.94 - $459.07$372.17
Multi-Stage$666.25 - $733.89$699.40
Blended Fair Value$535.78
Current Price$1,285.00
Upside-58.30%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.70%0.00%15.2810.1925.4720.2520.4225.450.000.000.000.00
YoY Growth--50.00%-60.00%25.74%-0.81%-19.77%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.04%0.54%1.21%0.90%0.93%1.59%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,207.12
(-) Cash Dividends Paid (M)689.02
(=) Cash Retained (M)1,518.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)441.42275.89165.53
Cash Retained (M)1,518.101,518.101,518.10
(-) Cash Required (M)-441.42-275.89-165.53
(=) Excess Retained (M)1,076.681,242.211,352.57
(/) Shares Outstanding (M)69.0069.0069.00
(=) Excess Retained per Share15.6018.0019.60
LTM Dividend per Share9.999.999.99
(+) Excess Retained per Share15.6018.0019.60
(=) Adjusted Dividend25.5927.9929.59
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate-2.00%-1.00%0.00%
Fair Value$296.94$372.17$459.07
Upside / Downside-76.89%-71.04%-64.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,207.122,185.052,163.202,141.572,120.152,098.952,161.92
Payout Ratio31.22%42.97%54.73%66.49%78.24%90.00%92.50%
Projected Dividends (M)689.02939.011,183.941,423.871,658.881,889.051,999.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)873.25882.16891.07
Year 2 PV (M)1,023.901,044.911,066.12
Year 3 PV (M)1,145.161,180.581,216.71
Year 4 PV (M)1,240.731,292.161,345.16
Year 5 PV (M)1,313.931,382.351,453.59
PV of Terminal Value (M)40,376.4242,478.9244,668.10
Equity Value (M)45,973.4048,261.0750,640.76
Shares Outstanding (M)69.0069.0069.00
Fair Value$666.25$699.40$733.89
Upside / Downside-48.15%-45.57%-42.89%

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