Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Hwaseung Corporation Co.,Ltd. (013520.KS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$19,618.83 - $59,615.23$31,222.27
Multi-Stage$23,482.52 - $25,793.77$24,616.22
Blended Fair Value$27,919.24
Current Price$2,075.00
Upside1,245.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.84%7.48%66.8766.8733.4433.4438.8041.8242.8676.8165.0232.51
YoY Growth--0.00%100.00%-0.01%-13.81%-7.24%-2.43%-44.20%18.12%100.00%0.00%
Dividend Yield--4.13%3.47%1.69%1.74%2.15%2.84%2.04%3.35%1.68%0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35,735.44
(-) Cash Dividends Paid (M)4,754.70
(=) Cash Retained (M)30,980.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,147.094,466.932,680.16
Cash Retained (M)30,980.7330,980.7330,980.73
(-) Cash Required (M)-7,147.09-4,466.93-2,680.16
(=) Excess Retained (M)23,833.6526,513.8028,300.58
(/) Shares Outstanding (M)45.8045.8045.80
(=) Excess Retained per Share520.38578.90617.91
LTM Dividend per Share103.81103.81103.81
(+) Excess Retained per Share520.38578.90617.91
(=) Adjusted Dividend624.19682.71721.72
WACC / Discount Rate5.97%5.97%5.97%
Growth Rate2.70%3.70%4.70%
Fair Value$19,618.83$31,222.27$59,615.23
Upside / Downside845.49%1,404.69%2,773.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35,735.4437,058.1938,429.9239,852.4141,327.5642,857.3244,143.04
Payout Ratio13.31%28.64%43.98%59.32%74.66%90.00%92.50%
Projected Dividends (M)4,754.7010,615.0316,902.7023,641.2930,855.6038,571.5940,832.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.97%5.97%5.97%
Growth Rate2.70%3.70%4.70%
Year 1 PV (M)9,920.5110,017.1010,113.70
Year 2 PV (M)14,763.2215,052.1215,343.81
Year 3 PV (M)19,297.8519,867.0620,447.36
Year 4 PV (M)23,538.7924,469.0525,426.62
Year 5 PV (M)27,499.8528,865.0030,283.83
PV of Terminal Value (M)980,490.981,029,164.641,079,752.39
Equity Value (M)1,075,511.201,127,434.971,181,367.72
Shares Outstanding (M)45.8045.8045.80
Fair Value$23,482.52$24,616.22$25,793.77
Upside / Downside1,031.69%1,086.32%1,143.07%

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