Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Meritz Financial Group Inc. (138040.KS)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$679,656.81 - $2,606,497.70$1,946,246.86
Multi-Stage$316,810.03 - $346,896.87$331,576.79
Blended Fair Value$1,138,911.83
Current Price$113,500.00
Upside903.45%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS23.44%29.23%2,870.25226.95353.161,763.371,094.321,001.521,120.69842.11681.74326.16
YoY Growth--1,164.70%-35.74%-79.97%61.14%9.27%-10.63%33.08%23.52%109.02%47.58%
Dividend Yield--2.35%0.28%0.91%4.34%6.36%9.72%7.86%5.69%5.61%2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,329,894.39
(-) Cash Dividends Paid (M)285,347.12
(=) Cash Retained (M)2,044,547.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)465,978.88291,236.80174,742.08
Cash Retained (M)2,044,547.272,044,547.272,044,547.27
(-) Cash Required (M)-465,978.88-291,236.80-174,742.08
(=) Excess Retained (M)1,578,568.401,753,310.481,869,805.19
(/) Shares Outstanding (M)177.77177.77177.77
(=) Excess Retained per Share8,879.829,862.7910,518.10
LTM Dividend per Share1,605.151,605.151,605.15
(+) Excess Retained per Share8,879.829,862.7910,518.10
(=) Adjusted Dividend10,484.9711,467.9312,123.25
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate5.50%6.50%7.50%
Fair Value$679,656.81$1,946,246.86$2,606,497.70
Upside / Downside498.82%1,614.75%2,196.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,329,894.392,481,337.532,642,624.472,814,395.062,997,330.743,192,157.233,287,921.95
Payout Ratio12.25%27.80%43.35%58.90%74.45%90.00%92.50%
Projected Dividends (M)285,347.12689,756.501,145,533.511,657,647.312,231,496.022,872,941.513,041,327.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)637,819.14643,864.82649,910.50
Year 2 PV (M)979,515.45998,172.471,017,005.49
Year 3 PV (M)1,310,682.111,348,307.081,386,645.30
Year 4 PV (M)1,631,560.201,694,305.401,758,843.18
Year 5 PV (M)1,942,385.892,036,203.862,133,612.46
PV of Terminal Value (M)49,817,434.7252,223,635.4554,721,927.14
Equity Value (M)56,319,397.5158,944,489.0761,667,944.07
Shares Outstanding (M)177.77177.77177.77
Fair Value$316,810.03$331,576.79$346,896.87
Upside / Downside179.13%192.14%205.64%

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