Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

HANDSOME Corp. (020000.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$35,906.27 - $79,993.39$51,862.51
Multi-Stage$26,555.15 - $28,966.40$27,739.10
Blended Fair Value$39,800.81
Current Price$16,840.00
Upside136.35%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.40%9.60%767.47767.47613.98460.48460.48409.32358.15306.99306.99306.99
YoY Growth--0.00%25.00%33.33%0.00%12.50%14.29%16.67%0.00%0.00%0.00%
Dividend Yield--5.01%3.75%2.36%1.29%1.13%2.10%0.81%0.92%1.08%0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)38,770.89
(-) Cash Dividends Paid (M)16,107.56
(=) Cash Retained (M)22,663.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,754.184,846.362,907.82
Cash Retained (M)22,663.3322,663.3322,663.33
(-) Cash Required (M)-7,754.18-4,846.36-2,907.82
(=) Excess Retained (M)14,909.1517,816.9719,755.51
(/) Shares Outstanding (M)21.4721.4721.47
(=) Excess Retained per Share694.44829.88920.18
LTM Dividend per Share750.26750.26750.26
(+) Excess Retained per Share694.44829.88920.18
(=) Adjusted Dividend1,444.701,580.151,670.44
WACC / Discount Rate9.74%9.74%9.74%
Growth Rate5.50%6.50%7.50%
Fair Value$35,906.27$51,862.51$79,993.39
Upside / Downside113.22%207.97%375.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)38,770.8941,291.0043,974.9146,833.2849,877.4553,119.4854,713.06
Payout Ratio41.55%51.24%60.93%70.62%80.31%90.00%92.50%
Projected Dividends (M)16,107.5621,156.0226,792.7333,072.8240,056.1347,807.5350,609.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.74%9.74%9.74%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)19,096.4619,277.4619,458.47
Year 2 PV (M)21,830.0422,245.8422,665.56
Year 3 PV (M)24,323.5825,021.8225,733.30
Year 4 PV (M)26,591.5727,614.2128,666.06
Year 5 PV (M)28,647.7230,031.4231,468.07
PV of Terminal Value (M)449,629.72471,347.00493,895.46
Equity Value (M)570,119.08595,537.75621,886.92
Shares Outstanding (M)21.4721.4721.47
Fair Value$26,555.15$27,739.10$28,966.40
Upside / Downside57.69%64.72%72.01%

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