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Yuanta Securities Korea Co., Ltd. (003470.KS)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$4,442.40 - $8,043.08$5,943.25
Multi-Stage$6,952.70 - $7,623.82$7,281.90
Blended Fair Value$6,612.57
Current Price$3,695.00
Upside78.96%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%183.30113.23183.30128.240.000.000.000.000.000.00
YoY Growth--61.88%-38.23%42.93%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--7.19%4.19%6.87%3.47%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)64,644.88
(-) Cash Dividends Paid (M)41,738.86
(=) Cash Retained (M)22,906.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12,928.988,080.614,848.37
Cash Retained (M)22,906.0122,906.0122,906.01
(-) Cash Required (M)-12,928.98-8,080.61-4,848.37
(=) Excess Retained (M)9,977.0414,825.4018,057.65
(/) Shares Outstanding (M)205.29205.29205.29
(=) Excess Retained per Share48.6072.2287.96
LTM Dividend per Share203.32203.32203.32
(+) Excess Retained per Share48.6072.2287.96
(=) Adjusted Dividend251.92275.54291.28
WACC / Discount Rate6.86%6.86%6.86%
Growth Rate1.13%2.13%3.13%
Fair Value$4,442.40$5,943.25$8,043.08
Upside / Downside20.23%60.85%117.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)64,644.8866,021.7867,428.0168,864.1970,330.9671,828.9873,983.85
Payout Ratio64.57%69.65%74.74%79.83%84.91%90.00%92.50%
Projected Dividends (M)41,738.8645,986.2250,395.5854,971.9159,720.3364,646.0868,435.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.86%6.86%6.86%
Growth Rate1.13%2.13%3.13%
Year 1 PV (M)42,610.8043,032.1543,453.50
Year 2 PV (M)43,268.9544,128.8944,997.29
Year 3 PV (M)43,733.7545,043.9746,380.10
Year 4 PV (M)44,024.0545,791.3347,611.30
Year 5 PV (M)44,157.2446,384.0448,699.78
PV of Terminal Value (M)1,209,511.191,270,505.431,333,935.91
Equity Value (M)1,427,305.971,494,885.801,565,077.88
Shares Outstanding (M)205.29205.29205.29
Fair Value$6,952.70$7,281.90$7,623.82
Upside / Downside88.17%97.07%106.33%

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