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DB Insurance Co., Ltd. (005830.KS)

Company Dividend Discount ModelIndustry: Insurance - Property & CasualtySector: Financial Services

Valuation Snapshot

Stable Growth$1,494,218.26 - $5,272,633.59$4,941,229.85
Multi-Stage$670,098.12 - $733,414.76$701,175.34
Blended Fair Value$2,821,202.59
Current Price$138,500.00
Upside1,936.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.45%16.82%5,319.834,631.373,604.162,231.241,697.162,098.442,438.361,811.451,702.531,597.30
YoY Growth--14.87%28.50%61.53%31.47%-19.12%-13.94%34.61%6.40%6.59%42.14%
Dividend Yield--6.00%4.97%4.81%3.19%3.59%6.04%3.51%2.79%2.66%2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,594,728.08
(-) Cash Dividends Paid (M)409,176.00
(=) Cash Retained (M)1,185,552.08
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)318,945.62199,341.01119,604.61
Cash Retained (M)1,185,552.081,185,552.081,185,552.08
(-) Cash Required (M)-318,945.62-199,341.01-119,604.61
(=) Excess Retained (M)866,606.46986,211.071,065,947.47
(/) Shares Outstanding (M)60.1560.1560.15
(=) Excess Retained per Share14,407.3016,395.7317,721.34
LTM Dividend per Share6,802.546,802.546,802.54
(+) Excess Retained per Share14,407.3016,395.7317,721.34
(=) Adjusted Dividend21,209.8423,198.2624,523.88
WACC / Discount Rate7.00%7.00%7.00%
Growth Rate5.50%6.50%7.50%
Fair Value$1,494,218.26$4,941,229.85$5,272,633.59
Upside / Downside978.86%3,467.67%3,706.96%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,594,728.081,698,385.401,808,780.461,926,351.192,051,564.012,184,915.672,250,463.14
Payout Ratio25.66%38.53%51.39%64.26%77.13%90.00%92.50%
Projected Dividends (M)409,176.00654,327.32929,619.551,237,935.241,582,404.321,966,424.112,081,678.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.00%7.00%7.00%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)605,792.86611,534.98617,277.09
Year 2 PV (M)796,825.90812,003.19827,323.67
Year 3 PV (M)982,392.891,010,593.861,039,329.43
Year 4 PV (M)1,162,609.431,207,320.111,253,308.14
Year 5 PV (M)1,337,588.941,402,194.981,469,273.65
PV of Terminal Value (M)35,421,527.1337,132,400.1438,908,752.28
Equity Value (M)40,306,737.1642,176,047.2744,115,264.27
Shares Outstanding (M)60.1560.1560.15
Fair Value$670,098.12$701,175.34$733,414.76
Upside / Downside383.83%406.26%429.54%

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