Definitive Analysis
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HS Ad Inc. (035000.KS)

Company Dividend Discount ModelIndustry: Advertising AgenciesSector: Communication Services

Valuation Snapshot

Stable Growth$52,741.02 - $158,148.42$148,207.72
Multi-Stage$22,445.31 - $24,523.32$23,465.40
Blended Fair Value$85,836.56
Current Price$8,900.00
Upside864.46%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.47%8.45%450.38400.34350.30300.25300.25250.21250.21250.21200.17200.17
YoY Growth--12.50%14.29%16.67%0.00%20.00%0.00%0.00%25.00%0.00%0.00%
Dividend Yield--6.76%6.29%5.67%4.56%5.20%6.01%3.01%2.88%2.02%2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12,882.31
(-) Cash Dividends Paid (M)10,534.97
(=) Cash Retained (M)2,347.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,576.461,610.29966.17
Cash Retained (M)2,347.342,347.342,347.34
(-) Cash Required (M)-2,576.46-1,610.29-966.17
(=) Excess Retained (M)-229.12737.061,381.17
(/) Shares Outstanding (M)16.1916.1916.19
(=) Excess Retained per Share-14.1545.5185.29
LTM Dividend per Share650.55650.55650.55
(+) Excess Retained per Share-14.1545.5185.29
(=) Adjusted Dividend636.40696.07735.84
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate5.46%6.46%7.46%
Fair Value$52,741.02$148,207.72$158,148.42
Upside / Downside492.60%1,565.26%1,676.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12,882.3113,714.6214,600.7015,544.0316,548.3117,617.4718,145.99
Payout Ratio81.78%83.42%85.07%86.71%88.36%90.00%92.50%
Projected Dividends (M)10,534.9711,441.1212,420.4013,478.4514,621.3715,855.7216,785.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate5.46%6.46%7.46%
Year 1 PV (M)10,618.6610,719.3510,820.04
Year 2 PV (M)10,698.8610,902.7211,108.50
Year 3 PV (M)10,775.6311,085.0811,400.39
Year 4 PV (M)10,849.0611,266.4411,695.75
Year 5 PV (M)10,919.2011,446.8011,994.60
PV of Terminal Value (M)309,615.31324,575.50340,108.47
Equity Value (M)363,476.72379,995.89397,127.75
Shares Outstanding (M)16.1916.1916.19
Fair Value$22,445.31$23,465.40$24,523.32
Upside / Downside152.19%163.66%175.54%

High-Yield Dividend Screener

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