Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Kangnam Jevisco Co., Ltd (000860.KS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$21,069.81 - $89,822.59$52,025.52
Multi-Stage$13,137.07 - $14,374.66$13,744.46
Blended Fair Value$32,884.99
Current Price$12,100.00
Upside171.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.22%2.14%278.45264.37263.75263.75250.34275.37275.37250.33250.34250.34
YoY Growth--5.33%0.23%0.00%5.36%-9.09%0.00%10.00%0.00%0.00%11.12%
Dividend Yield--1.23%1.08%1.23%1.02%0.82%0.97%1.01%0.77%0.70%0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,908.78
(-) Cash Dividends Paid (M)3,797.82
(=) Cash Retained (M)2,110.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,181.76738.60443.16
Cash Retained (M)2,110.962,110.962,110.96
(-) Cash Required (M)-1,181.76-738.60-443.16
(=) Excess Retained (M)929.211,372.371,667.80
(/) Shares Outstanding (M)12.9812.9812.98
(=) Excess Retained per Share71.57105.71128.47
LTM Dividend per Share292.54292.54292.54
(+) Excess Retained per Share71.57105.71128.47
(=) Adjusted Dividend364.11398.24421.00
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate4.68%5.68%6.68%
Fair Value$21,069.81$52,025.52$89,822.59
Upside / Downside74.13%329.96%642.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,908.786,244.246,598.746,973.377,369.267,787.638,021.26
Payout Ratio64.27%69.42%74.56%79.71%84.85%90.00%92.50%
Projected Dividends (M)3,797.824,334.714,920.315,558.456,253.177,008.877,419.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate4.68%5.68%6.68%
Year 1 PV (M)4,032.154,070.674,109.19
Year 2 PV (M)4,257.434,339.174,421.68
Year 3 PV (M)4,473.904,603.344,735.27
Year 4 PV (M)4,681.774,863.265,049.97
Year 5 PV (M)4,881.305,118.965,365.78
PV of Terminal Value (M)148,224.44155,441.08162,936.12
Equity Value (M)170,551.00178,436.48186,618.00
Shares Outstanding (M)12.9812.9812.98
Fair Value$13,137.07$13,744.46$14,374.66
Upside / Downside8.57%13.59%18.80%

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