Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Miwon Commercial Co., Ltd. (002840.KS)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$1,611,660.96 - $1,898,809.68$1,779,462.75
Multi-Stage$3,528,431.20 - $3,874,014.18$3,697,988.58
Blended Fair Value$2,738,725.67
Current Price$150,000.00
Upside1,725.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS15.29%0.00%2,029.381,548.461,586.526,142.16701.96996.21384.8965.15168.9241.63
YoY Growth--31.06%-2.40%-74.17%775.00%-29.54%158.83%490.78%-61.43%305.80%0.00%
Dividend Yield--1.09%0.86%0.93%3.49%0.37%1.74%0.72%0.18%0.46%0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)44,261.00
(-) Cash Dividends Paid (M)9,280.29
(=) Cash Retained (M)34,980.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,852.205,532.633,319.58
Cash Retained (M)34,980.7134,980.7134,980.71
(-) Cash Required (M)-8,852.20-5,532.63-3,319.58
(=) Excess Retained (M)26,128.5129,448.0831,661.13
(/) Shares Outstanding (M)4.644.644.64
(=) Excess Retained per Share5,636.316,352.396,829.78
LTM Dividend per Share2,001.902,001.902,001.90
(+) Excess Retained per Share5,636.316,352.396,829.78
(=) Adjusted Dividend7,638.208,354.298,831.67
WACC / Discount Rate-19.19%-19.19%-19.19%
Growth Rate5.50%6.50%7.50%
Fair Value$1,611,660.96$1,779,462.75$1,898,809.68
Upside / Downside974.44%1,086.31%1,165.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)44,261.0047,137.9750,201.9453,465.0656,940.2960,641.4162,460.65
Payout Ratio20.97%34.77%48.58%62.39%76.19%90.00%92.50%
Projected Dividends (M)9,280.2916,391.6424,388.2633,355.1843,384.7754,577.2757,776.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-19.19%-19.19%-19.19%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)20,092.8420,283.2920,473.74
Year 2 PV (M)36,645.3037,343.2938,047.86
Year 3 PV (M)61,435.5163,199.1064,996.13
Year 4 PV (M)97,951.73101,718.68105,593.24
Year 5 PV (M)151,044.65158,340.17165,914.90
PV of Terminal Value (M)15,989,754.9116,762,066.0517,563,935.36
Equity Value (M)16,356,924.9417,142,950.5817,958,961.23
Shares Outstanding (M)4.644.644.64
Fair Value$3,528,431.20$3,697,988.58$3,874,014.18
Upside / Downside2,252.29%2,365.33%2,482.68%

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