Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Sungshin Cement Co., Ltd (004980.KS)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$92,947.16 - $178,695.33$167,463.69
Multi-Stage$27,891.90 - $30,532.30$29,187.83
Blended Fair Value$98,325.76
Current Price$9,280.00
Upside959.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS21.65%0.00%351.18201.31201.31155.37151.35131.840.000.000.000.00
YoY Growth--74.45%0.00%29.57%2.66%14.80%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.09%2.35%1.87%1.07%1.41%2.37%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,348.04
(-) Cash Dividends Paid (M)8,734.54
(=) Cash Retained (M)13,613.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,469.612,793.501,676.10
Cash Retained (M)13,613.4913,613.4913,613.49
(-) Cash Required (M)-4,469.61-2,793.50-1,676.10
(=) Excess Retained (M)9,143.8910,819.9911,937.39
(/) Shares Outstanding (M)24.8724.8724.87
(=) Excess Retained per Share367.64435.03479.96
LTM Dividend per Share351.18351.18351.18
(+) Excess Retained per Share367.64435.03479.96
(=) Adjusted Dividend718.82786.21831.14
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate5.50%6.50%7.50%
Fair Value$92,947.16$167,463.69$178,695.33
Upside / Downside901.59%1,704.57%1,825.60%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,348.0423,800.6625,347.7026,995.3028,750.0030,618.7431,537.31
Payout Ratio39.08%49.27%59.45%69.63%79.82%90.00%92.50%
Projected Dividends (M)8,734.5411,725.9515,069.3318,797.8222,947.3427,556.8729,172.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)10,925.7811,029.3511,132.91
Year 2 PV (M)13,082.8813,332.0713,583.61
Year 3 PV (M)15,206.2215,642.7416,087.53
Year 4 PV (M)17,296.2017,961.3618,645.53
Year 5 PV (M)19,353.2120,287.9721,258.52
PV of Terminal Value (M)617,856.19647,698.87678,683.71
Equity Value (M)693,720.47725,952.36759,391.80
Shares Outstanding (M)24.8724.8724.87
Fair Value$27,891.90$29,187.83$30,532.30
Upside / Downside200.56%214.52%229.01%

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