Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TS Corporation (001790.KS)

Company Dividend Discount ModelIndustry: Food ConfectionersSector: Consumer Defensive

Valuation Snapshot

Stable Growth$29,254.18 - $130,766.50$68,308.60
Multi-Stage$14,976.85 - $16,390.79$15,670.86
Blended Fair Value$41,989.73
Current Price$2,855.00
Upside1,370.74%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.33%11.70%126.33131.81120.8591.7470.7556.8256.8263.6945.1455.13
YoY Growth---4.16%9.06%31.74%29.66%24.53%0.00%-10.79%41.09%-18.11%31.95%
Dividend Yield--4.63%4.14%4.53%3.17%2.31%3.61%2.72%2.81%1.83%2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)57,743.26
(-) Cash Dividends Paid (M)11,333.38
(=) Cash Retained (M)46,409.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11,548.657,217.914,330.74
Cash Retained (M)46,409.8946,409.8946,409.89
(-) Cash Required (M)-11,548.65-7,217.91-4,330.74
(=) Excess Retained (M)34,861.2339,191.9842,079.14
(/) Shares Outstanding (M)87.8187.8187.81
(=) Excess Retained per Share397.01446.33479.21
LTM Dividend per Share129.07129.07129.07
(+) Excess Retained per Share397.01446.33479.21
(=) Adjusted Dividend526.07575.39608.27
WACC / Discount Rate7.39%7.39%7.39%
Growth Rate5.49%6.49%7.49%
Fair Value$29,254.18$68,308.60$130,766.50
Upside / Downside924.66%2,292.60%4,480.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)57,743.2661,490.7165,481.3669,731.0074,256.4379,075.5681,447.83
Payout Ratio19.63%33.70%47.78%61.85%75.93%90.00%92.50%
Projected Dividends (M)11,333.3820,723.4431,284.5843,129.2356,379.5271,168.0075,339.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.39%7.39%7.39%
Growth Rate5.49%6.49%7.49%
Year 1 PV (M)19,116.7119,297.9319,479.15
Year 2 PV (M)26,621.5327,128.6427,640.54
Year 3 PV (M)33,855.2234,827.1835,817.56
Year 4 PV (M)40,825.0542,395.2244,010.25
Year 5 PV (M)47,538.0649,834.3952,218.61
PV of Terminal Value (M)1,147,161.061,202,574.801,260,109.57
Equity Value (M)1,315,117.631,376,058.161,439,275.68
Shares Outstanding (M)87.8187.8187.81
Fair Value$14,976.85$15,670.86$16,390.79
Upside / Downside424.58%448.89%474.11%

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