Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hanwha Systems Co., Ltd. (272210.KS)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Industrials

Valuation Snapshot

Stable Growth$64,714.29 - $153,266.84$95,431.04
Multi-Stage$45,105.70 - $49,306.78$47,168.06
Blended Fair Value$71,299.55
Current Price$59,500.00
Upside19.83%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS27.04%18.41%267.02238.41152.58129.17174.2780.680.00495.7125.7555.08
YoY Growth--12.00%56.25%18.13%-25.88%116.00%0.00%-100.00%1,825.13%-53.25%11.73%
Dividend Yield--0.83%1.30%1.10%0.79%0.87%1.26%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)598,348.39
(-) Cash Dividends Paid (M)65,447.64
(=) Cash Retained (M)532,900.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)119,669.6874,793.5544,876.13
Cash Retained (M)532,900.75532,900.75532,900.75
(-) Cash Required (M)-119,669.68-74,793.55-44,876.13
(=) Excess Retained (M)413,231.07458,107.20488,024.62
(/) Shares Outstanding (M)196.08196.08196.08
(=) Excess Retained per Share2,107.452,336.322,488.89
LTM Dividend per Share333.78333.78333.78
(+) Excess Retained per Share2,107.452,336.322,488.89
(=) Adjusted Dividend2,441.232,670.092,822.67
WACC / Discount Rate9.48%9.48%9.48%
Growth Rate5.50%6.50%7.50%
Fair Value$64,714.29$95,431.04$153,266.84
Upside / Downside8.76%60.39%157.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)598,348.39637,241.03678,661.70722,774.71769,755.06819,789.14844,382.82
Payout Ratio10.94%26.75%42.56%58.38%74.19%90.00%92.50%
Projected Dividends (M)65,447.64170,464.78288,857.62421,921.32571,062.88737,810.23781,054.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.48%9.48%9.48%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)154,242.31155,704.32157,166.33
Year 2 PV (M)236,494.79240,999.35245,546.40
Year 3 PV (M)312,563.37321,535.94330,678.61
Year 4 PV (M)382,788.97397,509.95412,651.50
Year 5 PV (M)447,495.86469,110.08491,551.52
PV of Terminal Value (M)7,310,786.277,663,899.988,030,528.19
Equity Value (M)8,844,371.579,248,759.629,668,122.56
Shares Outstanding (M)196.08196.08196.08
Fair Value$45,105.70$47,168.06$49,306.78
Upside / Downside-24.19%-20.73%-17.13%

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