Definitive Analysis
Definitive Analysis

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Samsung Fire & Marine Insurance Co., Ltd. (000810.KS)

Company Dividend Discount ModelIndustry: Insurance - Property & CasualtySector: Financial Services

Valuation Snapshot

Stable Growth$1,837,741.67 - $9,257,244.79$3,813,080.85
Multi-Stage$1,163,794.49 - $1,273,624.49$1,217,698.63
Blended Fair Value$2,515,389.74
Current Price$451,500.00
Upside457.12%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.86%18.63%16,021.9913,826.7812,022.508,800.228,500.2211,500.1810,000.206,117.675,228.694,695.94
YoY Growth--15.88%15.01%36.62%3.53%-26.09%15.00%63.46%17.00%11.35%61.80%
Dividend Yield--4.48%4.53%5.84%4.02%4.47%7.47%3.24%2.26%1.95%1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,990,667.81
(-) Cash Dividends Paid (M)809,299.28
(=) Cash Retained (M)1,181,368.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)398,133.56248,833.48149,300.09
Cash Retained (M)1,181,368.531,181,368.531,181,368.53
(-) Cash Required (M)-398,133.56-248,833.48-149,300.09
(=) Excess Retained (M)783,234.97932,535.061,032,068.45
(/) Shares Outstanding (M)42.5142.5142.51
(=) Excess Retained per Share18,424.7221,936.8424,278.25
LTM Dividend per Share19,037.8619,037.8619,037.86
(+) Excess Retained per Share18,424.7221,936.8424,278.25
(=) Adjusted Dividend37,462.5840,974.7043,316.11
WACC / Discount Rate6.99%6.99%6.99%
Growth Rate4.86%5.86%6.86%
Fair Value$1,837,741.67$3,813,080.85$9,257,244.79
Upside / Downside307.03%744.54%1,950.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,990,667.812,107,258.062,230,676.812,361,324.002,499,622.992,646,021.932,725,402.58
Payout Ratio40.65%50.52%60.39%70.26%80.13%90.00%92.50%
Projected Dividends (M)809,299.281,064,665.371,347,168.131,659,110.282,002,971.212,381,419.732,520,997.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.99%6.99%6.99%
Growth Rate4.86%5.86%6.86%
Year 1 PV (M)985,666.70995,066.821,004,466.93
Year 2 PV (M)1,154,664.221,176,792.871,199,131.56
Year 3 PV (M)1,316,515.941,354,542.391,393,294.12
Year 4 PV (M)1,471,439.901,528,379.371,586,955.59
Year 5 PV (M)1,619,648.321,698,366.931,780,116.94
PV of Terminal Value (M)42,924,968.7245,011,220.2447,177,811.86
Equity Value (M)49,472,903.8051,764,368.6354,141,777.00
Shares Outstanding (M)42.5142.5142.51
Fair Value$1,163,794.49$1,217,698.63$1,273,624.49
Upside / Downside157.76%169.70%182.09%

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