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DONGBANG AGRO Corporation (007590.KS)

Company Dividend Discount ModelIndustry: Agricultural InputsSector: Basic Materials

Valuation Snapshot

Stable Growth$14,501.38 - $48,521.21$23,685.71
Multi-Stage$15,821.83 - $17,344.87$16,569.07
Blended Fair Value$20,127.39
Current Price$6,180.00
Upside225.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.11%4.84%295.66246.38246.38337.10346.10230.43230.43230.43202.75184.34
YoY Growth--20.00%0.00%-26.91%-2.60%50.20%0.00%0.00%13.65%9.99%0.00%
Dividend Yield--4.95%3.89%3.82%4.46%4.99%4.27%3.25%3.10%2.83%2.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,833.03
(-) Cash Dividends Paid (M)3,721.80
(=) Cash Retained (M)3,111.22
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,366.61854.13512.48
Cash Retained (M)3,111.223,111.223,111.22
(-) Cash Required (M)-1,366.61-854.13-512.48
(=) Excess Retained (M)1,744.622,257.092,598.74
(/) Shares Outstanding (M)12.5912.5912.59
(=) Excess Retained per Share138.59179.30206.44
LTM Dividend per Share295.66295.66295.66
(+) Excess Retained per Share138.59179.30206.44
(=) Adjusted Dividend434.25474.96502.10
WACC / Discount Rate6.20%6.20%6.20%
Growth Rate3.11%4.11%5.11%
Fair Value$14,501.38$23,685.71$48,521.21
Upside / Downside134.65%283.26%685.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,833.037,113.977,406.467,710.988,028.028,358.098,608.84
Payout Ratio54.47%61.57%68.68%75.79%82.89%90.00%92.50%
Projected Dividends (M)3,721.804,380.385,086.815,843.936,654.717,522.287,963.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.20%6.20%6.20%
Growth Rate3.11%4.11%5.11%
Year 1 PV (M)4,085.064,124.684,164.30
Year 2 PV (M)4,424.054,510.274,597.33
Year 3 PV (M)4,739.874,879.125,021.06
Year 4 PV (M)5,033.595,231.715,435.63
Year 5 PV (M)5,306.225,568.565,841.18
PV of Terminal Value (M)175,580.85184,261.73193,282.61
Equity Value (M)199,169.63208,576.07218,342.12
Shares Outstanding (M)12.5912.5912.59
Fair Value$15,821.83$16,569.07$17,344.87
Upside / Downside156.02%168.11%180.66%

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