Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Sam Jung Pulp Co.,Ltd. (009770.KS)

Company Dividend Discount ModelIndustry: Paper, Lumber & Forest ProductsSector: Basic Materials

Valuation Snapshot

Stable Growth$80,778.56 - $132,531.06$103,833.33
Multi-Stage$163,851.72 - $180,460.61$171,993.62
Blended Fair Value$137,913.47
Current Price$29,400.00
Upside369.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%1,000.031,000.031,000.031,000.030.000.001,000.031,650.051,250.041,000.03
YoY Growth--0.00%0.00%0.00%0.00%0.00%-100.00%-39.39%32.00%25.00%0.01%
Dividend Yield--3.94%3.97%4.00%3.54%0.00%0.00%2.74%4.34%2.81%2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)18,106.47
(-) Cash Dividends Paid (M)2,499.97
(=) Cash Retained (M)15,606.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,621.292,263.311,357.99
Cash Retained (M)15,606.5015,606.5015,606.50
(-) Cash Required (M)-3,621.29-2,263.31-1,357.99
(=) Excess Retained (M)11,985.2013,343.1914,248.51
(/) Shares Outstanding (M)2.502.502.50
(=) Excess Retained per Share4,794.285,337.495,699.64
LTM Dividend per Share1,000.031,000.031,000.03
(+) Excess Retained per Share4,794.285,337.495,699.64
(=) Adjusted Dividend5,794.306,337.526,699.66
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-0.79%0.21%1.21%
Fair Value$80,778.56$103,833.33$132,531.06
Upside / Downside174.76%253.17%350.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)18,106.4718,143.8818,181.3618,218.9318,256.5718,294.2918,843.12
Payout Ratio13.81%29.05%44.28%59.52%74.76%90.00%92.50%
Projected Dividends (M)2,499.975,270.018,051.4810,844.4213,648.8716,464.8617,429.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-0.79%0.21%1.21%
Year 1 PV (M)4,907.154,956.615,006.08
Year 2 PV (M)6,980.907,122.357,265.21
Year 3 PV (M)8,755.089,022.519,295.33
Year 4 PV (M)10,260.5010,680.5011,113.26
Year 5 PV (M)11,525.1812,117.8812,734.71
PV of Terminal Value (M)367,183.86386,066.74405,718.61
Equity Value (M)409,612.67429,966.59451,133.20
Shares Outstanding (M)2.502.502.50
Fair Value$163,851.72$171,993.62$180,460.61
Upside / Downside457.32%485.01%513.81%

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