Definitive Analysis
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Definitive Analysis

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Ticker

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KB Financial Group Inc. (105560.KS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$859,402.42 - $3,107,447.47$2,724,119.33
Multi-Stage$390,191.94 - $427,097.50$408,305.89
Blended Fair Value$1,566,212.61
Current Price$115,500.00
Upside1,256.03%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.18%22.64%4,002.683,100.713,870.172,643.042,317.912,062.612,063.901,340.441,019.19811.19
YoY Growth--29.09%-19.88%46.43%14.03%12.38%-0.06%53.97%31.52%25.64%56.00%
Dividend Yield--5.07%4.53%8.12%4.31%4.12%5.97%4.69%2.21%2.08%2.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,804,665.00
(-) Cash Dividends Paid (M)1,316,794.00
(=) Cash Retained (M)4,487,871.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,160,933.00725,583.13435,349.88
Cash Retained (M)4,487,871.004,487,871.004,487,871.00
(-) Cash Required (M)-1,160,933.00-725,583.13-435,349.88
(=) Excess Retained (M)3,326,938.003,762,287.884,052,521.13
(/) Shares Outstanding (M)371.50371.50371.50
(=) Excess Retained per Share8,955.5310,127.4110,908.67
LTM Dividend per Share3,544.583,544.583,544.58
(+) Excess Retained per Share8,955.5310,127.4110,908.67
(=) Adjusted Dividend12,500.1013,671.9914,453.24
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Fair Value$859,402.42$2,724,119.33$3,107,447.47
Upside / Downside644.07%2,258.54%2,590.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,804,665.006,181,968.236,583,796.167,011,742.917,467,506.207,952,894.108,191,480.93
Payout Ratio22.69%36.15%49.61%63.07%76.54%90.00%92.50%
Projected Dividends (M)1,316,794.002,234,662.773,266,291.024,422,589.505,715,406.707,157,604.697,577,119.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,068,192.812,087,796.532,107,400.25
Year 2 PV (M)2,797,775.982,851,065.762,904,858.26
Year 3 PV (M)3,506,014.603,606,659.683,709,212.67
Year 4 PV (M)4,193,370.734,354,635.944,520,508.38
Year 5 PV (M)4,860,297.575,095,051.765,338,790.55
PV of Terminal Value (M)127,528,897.12133,688,590.54140,084,029.92
Equity Value (M)144,954,548.82151,683,800.21158,664,800.03
Shares Outstanding (M)371.50371.50371.50
Fair Value$390,191.94$408,305.89$427,097.50
Upside / Downside237.83%253.51%269.78%

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