Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kyeryong Construction Industrial Co., Ltd. (013580.KS)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$345,081.27 - $1,277,620.63$1,048,270.08
Multi-Stage$184,448.70 - $202,222.69$193,170.53
Blended Fair Value$620,720.30
Current Price$20,600.00
Upside2,913.21%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-20.60%41.41%512.74499.88799.80599.85599.851,625.02169.4671.830.000.00
YoY Growth--2.57%-37.50%33.33%0.00%-63.09%858.94%135.91%0.00%0.00%-100.00%
Dividend Yield--4.01%3.51%4.62%1.48%1.89%12.40%0.68%0.39%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)57,265.48
(-) Cash Dividends Paid (M)3,543.12
(=) Cash Retained (M)53,722.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11,453.107,158.194,294.91
Cash Retained (M)53,722.3653,722.3653,722.36
(-) Cash Required (M)-11,453.10-7,158.19-4,294.91
(=) Excess Retained (M)42,269.2746,564.1849,427.45
(/) Shares Outstanding (M)8.868.868.86
(=) Excess Retained per Share4,770.805,255.555,578.72
LTM Dividend per Share399.90399.90399.90
(+) Excess Retained per Share4,770.805,255.555,578.72
(=) Adjusted Dividend5,170.705,655.455,978.62
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate4.85%5.85%6.85%
Fair Value$345,081.27$1,048,270.08$1,277,620.63
Upside / Downside1,575.15%4,988.69%6,102.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)57,265.4860,615.0164,160.4767,913.2971,885.6376,090.3178,373.02
Payout Ratio6.19%22.95%39.71%56.47%73.24%90.00%92.50%
Projected Dividends (M)3,543.1213,910.9925,479.6038,353.9552,647.1968,481.2872,495.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate4.85%5.85%6.85%
Year 1 PV (M)12,948.2713,071.7613,195.25
Year 2 PV (M)22,074.9522,498.0322,925.14
Year 3 PV (M)30,929.3431,822.7732,733.25
Year 4 PV (M)39,517.4841,046.7842,620.04
Year 5 PV (M)47,845.3250,170.8852,586.01
PV of Terminal Value (M)1,480,900.151,552,880.671,627,633.32
Equity Value (M)1,634,215.491,711,490.901,791,693.02
Shares Outstanding (M)8.868.868.86
Fair Value$184,448.70$193,170.53$202,222.69
Upside / Downside795.38%837.72%881.66%

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