Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Daewoong pharmaceutical Co.,Ltd (069620.KS)

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

Valuation Snapshot

Stable Growth$126,424.30 - $281,157.28$182,507.12
Multi-Stage$135,087.36 - $148,205.93$141,523.31
Blended Fair Value$162,015.22
Current Price$144,000.00
Upside12.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.56%-0.64%672.79632.57577.26561.28538.23538.23538.23538.23627.94627.94
YoY Growth--6.36%9.58%2.85%4.28%0.00%0.00%0.00%-14.29%0.00%-12.50%
Dividend Yield--0.60%0.51%0.55%0.34%0.40%0.64%0.29%0.27%0.75%0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)75,099.60
(-) Cash Dividends Paid (M)7,358.60
(=) Cash Retained (M)67,741.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15,019.929,387.455,632.47
Cash Retained (M)67,741.0067,741.0067,741.00
(-) Cash Required (M)-15,019.92-9,387.45-5,632.47
(=) Excess Retained (M)52,721.0858,353.5562,108.53
(/) Shares Outstanding (M)11.5111.5111.51
(=) Excess Retained per Share4,582.355,071.915,398.28
LTM Dividend per Share639.59639.59639.59
(+) Excess Retained per Share4,582.355,071.915,398.28
(=) Adjusted Dividend5,221.945,711.496,037.86
WACC / Discount Rate7.28%7.28%7.28%
Growth Rate3.02%4.02%5.02%
Fair Value$126,424.30$182,507.12$281,157.28
Upside / Downside-12.21%26.74%95.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)75,099.6078,121.7681,265.5484,535.8387,937.7291,476.5194,220.80
Payout Ratio9.80%25.84%41.88%57.92%73.96%90.00%92.50%
Projected Dividends (M)7,358.6020,185.7034,033.2648,962.6365,038.4682,328.8587,154.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.28%7.28%7.28%
Growth Rate3.02%4.02%5.02%
Year 1 PV (M)18,635.0918,815.9718,996.85
Year 2 PV (M)29,005.4129,571.2230,142.50
Year 3 PV (M)38,523.6939,656.4040,811.10
Year 4 PV (M)47,241.2349,102.2951,017.80
Year 5 PV (M)55,206.5657,938.3860,777.29
PV of Terminal Value (M)1,365,601.901,433,176.841,503,400.77
Equity Value (M)1,554,213.881,628,261.101,705,146.32
Shares Outstanding (M)11.5111.5111.51
Fair Value$135,087.36$141,523.31$148,205.93
Upside / Downside-6.19%-1.72%2.92%

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