Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sung Kwang Bend Co.,Ltd. (014620.KQ)

Company Dividend Discount ModelIndustry: Manufacturing - Metal FabricationSector: Industrials

Valuation Snapshot

Stable Growth$16,508.30 - $28,713.35$21,735.02
Multi-Stage$28,178.82 - $30,992.93$29,558.69
Blended Fair Value$25,646.86
Current Price$32,800.00
Upside-21.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.11%-0.24%157.75105.17105.17105.17105.1785.22105.17157.75157.75158.89
YoY Growth--50.00%0.00%0.00%0.00%23.41%-18.97%-33.33%0.00%-0.71%-1.64%
Dividend Yield--0.65%0.94%0.85%1.20%1.28%1.67%0.95%1.37%1.50%1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)33,908.02
(-) Cash Dividends Paid (M)5,311.47
(=) Cash Retained (M)28,596.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,781.604,238.502,543.10
Cash Retained (M)28,596.5528,596.5528,596.55
(-) Cash Required (M)-6,781.60-4,238.50-2,543.10
(=) Excess Retained (M)21,814.9424,358.0426,053.45
(/) Shares Outstanding (M)26.5626.5626.56
(=) Excess Retained per Share821.45917.22981.06
LTM Dividend per Share200.01200.01200.01
(+) Excess Retained per Share821.45917.22981.06
(=) Adjusted Dividend1,021.461,117.221,181.06
WACC / Discount Rate6.60%6.60%6.60%
Growth Rate0.39%1.39%2.39%
Fair Value$16,508.30$21,735.02$28,713.35
Upside / Downside-49.67%-33.73%-12.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)33,908.0234,377.8634,854.2135,337.1635,826.8136,323.2337,412.93
Payout Ratio15.66%30.53%45.40%60.27%75.13%90.00%92.50%
Projected Dividends (M)5,311.4710,496.0715,823.3321,296.2026,917.7132,690.9134,606.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.60%6.60%6.60%
Growth Rate0.39%1.39%2.39%
Year 1 PV (M)9,749.379,846.499,943.61
Year 2 PV (M)13,652.0513,925.3914,201.45
Year 3 PV (M)17,066.8017,581.9318,107.33
Year 4 PV (M)20,037.2420,847.6621,682.42
Year 5 PV (M)22,603.5623,752.0524,946.75
PV of Terminal Value (M)665,221.84699,021.89734,182.10
Equity Value (M)748,330.85784,975.42823,063.66
Shares Outstanding (M)26.5626.5626.56
Fair Value$28,178.82$29,558.69$30,992.93
Upside / Downside-14.09%-9.88%-5.51%

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