Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hwaseung Enterprise Co., Ltd. (241590.KS)

Company Dividend Discount ModelIndustry: Apparel - Footwear & AccessoriesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$2,262.22 - $13,218.66$4,191.31
Multi-Stage$6,176.69 - $6,814.08$6,489.08
Blended Fair Value$5,340.20
Current Price$6,060.00
Upside-11.88%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.91%0.00%35.2035.3235.1455.3535.1227.7018.0812.150.000.00
YoY Growth---0.34%0.50%-36.51%57.58%26.82%53.16%48.80%0.00%0.00%0.00%
Dividend Yield--0.42%0.47%0.41%0.36%0.19%0.26%0.15%0.11%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,464.59
(-) Cash Dividends Paid (M)2,735.57
(=) Cash Retained (M)2,729.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,092.92683.07409.84
Cash Retained (M)2,729.022,729.022,729.02
(-) Cash Required (M)-1,092.92-683.07-409.84
(=) Excess Retained (M)1,636.102,045.952,319.17
(/) Shares Outstanding (M)77.5677.5677.56
(=) Excess Retained per Share21.1026.3829.90
LTM Dividend per Share35.2735.2735.27
(+) Excess Retained per Share21.1026.3829.90
(=) Adjusted Dividend56.3761.6565.17
WACC / Discount Rate1.89%1.89%1.89%
Growth Rate-0.59%0.41%1.41%
Fair Value$2,262.22$4,191.31$13,218.66
Upside / Downside-62.67%-30.84%118.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,464.595,487.085,509.665,532.335,555.105,577.965,745.30
Payout Ratio50.06%58.05%66.04%74.02%82.01%90.00%92.50%
Projected Dividends (M)2,735.573,185.133,638.354,095.254,555.855,020.165,314.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.89%1.89%1.89%
Growth Rate-0.59%0.41%1.41%
Year 1 PV (M)3,094.973,126.103,157.23
Year 2 PV (M)3,435.273,504.733,574.89
Year 3 PV (M)3,757.203,871.733,988.56
Year 4 PV (M)4,061.454,227.354,398.29
Year 5 PV (M)4,348.694,571.854,804.09
PV of Terminal Value (M)460,356.66483,981.29508,566.00
Equity Value (M)479,054.24503,283.05528,489.05
Shares Outstanding (M)77.5677.5677.56
Fair Value$6,176.69$6,489.08$6,814.08
Upside / Downside1.93%7.08%12.44%

High-Yield Dividend Screener

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