Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Miwon Holdings Co., Ltd. (107590.KS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$891,610.07 - $2,071,704.00$1,941,490.04
Multi-Stage$302,843.80 - $331,685.60$316,998.93
Blended Fair Value$1,129,244.49
Current Price$70,400.00
Upside1,504.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS29.96%6.74%1,493.111,395.071,013.364,530.709,563.41402.770.001,557.17734.504,660.40
YoY Growth--7.03%37.67%-77.63%-52.62%2,274.42%0.00%-100.00%112.00%-84.24%499.18%
Dividend Yield--2.05%1.79%1.02%3.20%8.54%0.99%0.00%3.48%1.37%14.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)24,123.44
(-) Cash Dividends Paid (M)4,598.62
(=) Cash Retained (M)19,524.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,824.693,015.431,809.26
Cash Retained (M)19,524.8219,524.8219,524.82
(-) Cash Required (M)-4,824.69-3,015.43-1,809.26
(=) Excess Retained (M)14,700.1316,509.3917,715.56
(/) Shares Outstanding (M)2.322.322.32
(=) Excess Retained per Share6,347.897,129.187,650.03
LTM Dividend per Share1,985.801,985.801,985.80
(+) Excess Retained per Share6,347.897,129.187,650.03
(=) Adjusted Dividend8,333.699,114.989,635.83
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.50%6.50%7.50%
Fair Value$891,610.07$1,941,490.04$2,071,704.00
Upside / Downside1,166.49%2,657.80%2,842.76%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)24,123.4425,691.4627,361.4129,139.9031,033.9933,051.2034,042.74
Payout Ratio19.06%33.25%47.44%61.63%75.81%90.00%92.50%
Projected Dividends (M)4,598.628,542.4812,979.6217,957.5023,527.6729,746.0831,489.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)7,946.838,022.168,097.48
Year 2 PV (M)11,232.6511,446.6011,662.57
Year 3 PV (M)14,456.9214,871.9315,294.80
Year 4 PV (M)17,620.5218,298.1618,995.15
Year 5 PV (M)20,724.2921,725.2822,764.58
PV of Terminal Value (M)629,329.31659,726.15691,286.35
Equity Value (M)701,310.52734,090.27768,100.93
Shares Outstanding (M)2.322.322.32
Fair Value$302,843.80$316,998.93$331,685.60
Upside / Downside330.18%350.28%371.14%

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