Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Korea Aerospace Industries, Ltd. (047810.KS)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Industrials

Valuation Snapshot

Stable Growth$24,971.88 - $51,732.46$35,154.34
Multi-Stage$26,908.43 - $29,471.42$28,166.05
Blended Fair Value$31,660.19
Current Price$108,000.00
Upside-70.69%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.11%9.60%499.52249.76199.81199.81399.61199.810.00679.34399.61249.75
YoY Growth--100.00%25.00%0.00%-50.00%100.00%0.00%-100.00%70.00%60.00%25.00%
Dividend Yield--0.67%0.48%0.42%0.47%1.09%0.95%0.00%1.36%0.69%0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)137,094.14
(-) Cash Dividends Paid (M)48,737.55
(=) Cash Retained (M)88,356.59
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27,418.8317,136.7710,282.06
Cash Retained (M)88,356.5988,356.5988,356.59
(-) Cash Required (M)-27,418.83-17,136.77-10,282.06
(=) Excess Retained (M)60,937.7671,219.8278,074.53
(/) Shares Outstanding (M)97.5797.5797.57
(=) Excess Retained per Share624.56729.94800.20
LTM Dividend per Share499.52499.52499.52
(+) Excess Retained per Share624.56729.94800.20
(=) Adjusted Dividend1,124.081,229.461,299.71
WACC / Discount Rate7.72%7.72%7.72%
Growth Rate3.08%4.08%5.08%
Fair Value$24,971.88$35,154.34$51,732.46
Upside / Downside-76.88%-67.45%-52.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)137,094.14142,687.11148,508.24154,566.87160,872.66167,435.70172,458.77
Payout Ratio35.55%46.44%57.33%68.22%79.11%90.00%92.50%
Projected Dividends (M)48,737.5566,264.3885,140.16105,445.78127,266.50150,692.13159,524.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.72%7.72%7.72%
Growth Rate3.08%4.08%5.08%
Year 1 PV (M)60,924.5561,515.5962,106.64
Year 2 PV (M)71,971.2173,374.4174,791.15
Year 3 PV (M)81,953.1784,361.5386,816.61
Year 4 PV (M)90,941.6594,522.3298,207.70
Year 5 PV (M)99,003.72103,900.10108,988.31
PV of Terminal Value (M)2,220,640.922,330,466.032,444,594.04
Equity Value (M)2,625,435.222,748,139.972,875,504.44
Shares Outstanding (M)97.5797.5797.57
Fair Value$26,908.43$28,166.05$29,471.42
Upside / Downside-75.08%-73.92%-72.71%

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