Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Poongsan Corporation (103140.KS)

Company Dividend Discount ModelIndustry: Manufacturing - Metal FabricationSector: Industrials

Valuation Snapshot

Stable Growth$503,367.72 - $1,300,899.80$1,219,133.63
Multi-Stage$186,639.96 - $204,245.42$195,281.13
Blended Fair Value$707,207.38
Current Price$124,700.00
Upside467.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.21%9.79%1,200.241,000.221,027.46615.48410.34617.68820.64718.06514.48618.66
YoY Growth--20.00%-2.65%66.94%49.99%-33.57%-24.73%14.29%39.57%-16.84%31.12%
Dividend Yield--1.94%1.98%2.72%1.85%1.22%3.50%2.68%1.83%1.32%2.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)178,629.65
(-) Cash Dividends Paid (M)71,014.11
(=) Cash Retained (M)107,615.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)35,725.9322,328.7113,397.22
Cash Retained (M)107,615.54107,615.54107,615.54
(-) Cash Required (M)-35,725.93-22,328.71-13,397.22
(=) Excess Retained (M)71,889.6185,286.8494,218.32
(/) Shares Outstanding (M)27.3127.3127.31
(=) Excess Retained per Share2,632.553,123.143,450.21
LTM Dividend per Share2,600.492,600.492,600.49
(+) Excess Retained per Share2,632.553,123.143,450.21
(=) Adjusted Dividend5,233.045,723.636,050.70
WACC / Discount Rate6.60%6.60%6.60%
Growth Rate5.50%6.50%7.50%
Fair Value$503,367.72$1,219,133.63$1,300,899.80
Upside / Downside303.66%877.65%943.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)178,629.65190,240.58202,606.22215,775.62229,801.04244,738.10252,080.25
Payout Ratio39.75%49.80%59.85%69.90%79.95%90.00%92.50%
Projected Dividends (M)71,014.1194,747.32121,265.82150,831.42183,728.20220,264.29233,174.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.60%6.60%6.60%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)88,049.2688,883.8589,718.44
Year 2 PV (M)104,726.34106,721.08108,734.64
Year 3 PV (M)121,050.92124,525.85128,066.66
Year 4 PV (M)137,028.48142,298.20147,718.49
Year 5 PV (M)152,664.43160,038.18167,694.14
PV of Terminal Value (M)4,493,244.664,710,270.064,935,601.53
Equity Value (M)5,096,764.095,332,737.235,577,533.90
Shares Outstanding (M)27.3127.3127.31
Fair Value$186,639.96$195,281.13$204,245.42
Upside / Downside49.67%56.60%63.79%

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