Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ilyang Pharmaceutical Co.,Ltd (007570.KS)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$2,805.84 - $3,784.97$3,307.75
Multi-Stage$8,681.94 - $9,627.14$9,144.51
Blended Fair Value$6,226.13
Current Price$13,710.00
Upside-54.59%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-12.55%-7.61%165.42215.56219.26487.96272.61323.43110.05292.52196.23115.22
YoY Growth---23.26%-1.69%-55.07%79.00%-15.71%193.89%-62.38%49.07%70.32%-68.44%
Dividend Yield--1.67%1.46%1.30%1.80%0.82%0.78%0.38%0.72%0.52%0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11,262.02
(-) Cash Dividends Paid (M)3,784.82
(=) Cash Retained (M)7,477.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,252.401,407.75844.65
Cash Retained (M)7,477.207,477.207,477.20
(-) Cash Required (M)-2,252.40-1,407.75-844.65
(=) Excess Retained (M)5,224.796,069.446,632.55
(/) Shares Outstanding (M)17.9817.9817.98
(=) Excess Retained per Share290.59337.57368.89
LTM Dividend per Share210.50210.50210.50
(+) Excess Retained per Share290.59337.57368.89
(=) Adjusted Dividend501.10548.08579.39
WACC / Discount Rate6.53%6.53%6.53%
Growth Rate-9.61%-8.61%-7.61%
Fair Value$2,805.84$3,307.75$3,784.97
Upside / Downside-79.53%-75.87%-72.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11,262.0210,292.339,406.138,596.247,856.087,179.657,395.04
Payout Ratio33.61%44.89%56.16%67.44%78.72%90.00%92.50%
Projected Dividends (M)3,784.824,619.775,282.885,797.546,184.426,461.696,840.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.53%6.53%6.53%
Growth Rate-9.61%-8.61%-7.61%
Year 1 PV (M)4,289.044,336.494,383.94
Year 2 PV (M)4,553.544,654.854,757.28
Year 3 PV (M)4,639.414,795.104,954.23
Year 4 PV (M)4,594.694,801.425,015.05
Year 5 PV (M)4,457.014,709.074,972.40
PV of Terminal Value (M)133,565.44141,119.05149,010.60
Equity Value (M)156,099.13164,415.97173,093.50
Shares Outstanding (M)17.9817.9817.98
Fair Value$8,681.94$9,144.51$9,627.14
Upside / Downside-36.67%-33.30%-29.78%

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