Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Daehan Steel Co., Ltd. (084010.KS)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$171,334.98 - $342,739.97$321,197.54
Multi-Stage$52,624.46 - $57,622.46$55,077.45
Blended Fair Value$188,137.50
Current Price$15,710.00
Upside1,097.57%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.94%14.46%520.88864.75515.27386.45268.47201.36403.15443.46337.87135.15
YoY Growth---39.77%67.82%33.33%43.94%33.33%-50.05%-9.09%31.25%150.00%0.17%
Dividend Yield--3.37%6.56%3.91%1.87%1.61%4.07%6.80%4.86%3.00%1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)28,862.11
(-) Cash Dividends Paid (M)8,530.06
(=) Cash Retained (M)20,332.05
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,772.423,607.762,164.66
Cash Retained (M)20,332.0520,332.0520,332.05
(-) Cash Required (M)-5,772.42-3,607.76-2,164.66
(=) Excess Retained (M)14,559.6316,724.2918,167.39
(/) Shares Outstanding (M)16.7516.7516.75
(=) Excess Retained per Share869.37998.631,084.80
LTM Dividend per Share509.34509.34509.34
(+) Excess Retained per Share869.37998.631,084.80
(=) Adjusted Dividend1,378.721,507.971,594.14
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate5.50%6.50%7.50%
Fair Value$171,334.98$321,197.54$342,739.97
Upside / Downside990.61%1,944.54%2,081.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28,862.1130,738.1532,736.1334,863.9737,130.1339,543.5940,729.90
Payout Ratio29.55%41.64%53.73%65.82%77.91%90.00%92.50%
Projected Dividends (M)8,530.0612,800.4817,590.0122,948.1028,928.4235,589.2337,675.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)11,923.2812,036.3012,149.32
Year 2 PV (M)15,261.7915,552.4815,845.92
Year 3 PV (M)18,546.2319,078.6319,621.11
Year 4 PV (M)21,777.2722,614.7623,476.18
Year 5 PV (M)24,955.5326,160.9027,412.39
PV of Terminal Value (M)788,850.96826,952.75866,512.79
Equity Value (M)881,315.06922,395.81965,017.71
Shares Outstanding (M)16.7516.7516.75
Fair Value$52,624.46$55,077.45$57,622.46
Upside / Downside234.97%250.59%266.79%

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