Definitive Analysis
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Definitive Analysis

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Pulmuone Co., Ltd. (017810.KS)

Company Dividend Discount ModelIndustry: Agricultural Farm ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$65,158.46 - $124,212.40$116,405.21
Multi-Stage$19,755.66 - $21,607.63$20,664.69
Blended Fair Value$68,534.95
Current Price$14,780.00
Upside363.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS26.34%13.59%439.44383.21119.02120.20120.13136.54122.33110.89110.89122.46
YoY Growth--14.67%221.97%-0.98%0.06%-12.02%11.61%10.32%0.00%-9.45%-0.35%
Dividend Yield--2.86%3.45%1.19%0.71%0.70%1.48%1.22%0.81%0.85%0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27,028.02
(-) Cash Dividends Paid (M)17,721.15
(=) Cash Retained (M)9,306.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,405.603,378.502,027.10
Cash Retained (M)9,306.889,306.889,306.88
(-) Cash Required (M)-5,405.60-3,378.50-2,027.10
(=) Excess Retained (M)3,901.275,928.377,279.77
(/) Shares Outstanding (M)43.2743.2743.27
(=) Excess Retained per Share90.15137.00168.22
LTM Dividend per Share409.51409.51409.51
(+) Excess Retained per Share90.15137.00168.22
(=) Adjusted Dividend499.66546.50577.73
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Fair Value$65,158.46$116,405.21$124,212.40
Upside / Downside340.86%687.59%740.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27,028.0228,784.8530,655.8632,648.4934,770.6437,030.7438,141.66
Payout Ratio65.57%70.45%75.34%80.23%85.11%90.00%92.50%
Projected Dividends (M)17,721.1520,279.6923,095.9726,192.6929,594.4033,327.6635,281.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)18,897.0519,076.1719,255.29
Year 2 PV (M)20,054.0320,436.0120,821.58
Year 3 PV (M)21,192.3121,800.6722,420.55
Year 4 PV (M)22,312.1023,170.1624,052.74
Year 5 PV (M)23,413.6224,544.5125,718.68
PV of Terminal Value (M)749,042.40785,221.43822,785.11
Equity Value (M)854,911.53894,248.95935,053.96
Shares Outstanding (M)43.2743.2743.27
Fair Value$19,755.66$20,664.69$21,607.63
Upside / Downside33.66%39.82%46.20%

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