Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

HD Hyundai Electric Co., Ltd. (267260.KS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$307,488.19 - $668,737.67$440,515.25
Multi-Stage$1,366,121.45 - $1,509,245.85$1,436,248.77
Blended Fair Value$938,382.01
Current Price$582,000.00
Upside61.23%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%2,103.16500.740.000.000.000.000.000.000.000.00
YoY Growth--320.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.72%0.28%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)616,174.17
(-) Cash Dividends Paid (M)260,938.92
(=) Cash Retained (M)355,235.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)123,234.8377,021.7746,213.06
Cash Retained (M)355,235.24355,235.24355,235.24
(-) Cash Required (M)-123,234.83-77,021.77-46,213.06
(=) Excess Retained (M)232,000.41278,213.47309,022.18
(/) Shares Outstanding (M)35.9435.9435.94
(=) Excess Retained per Share6,455.577,741.488,598.76
LTM Dividend per Share7,260.817,260.817,260.81
(+) Excess Retained per Share6,455.577,741.488,598.76
(=) Adjusted Dividend13,716.3815,002.2915,859.57
WACC / Discount Rate2.37%2.37%2.37%
Growth Rate-2.00%-1.00%0.00%
Fair Value$307,488.19$440,515.25$668,737.67
Upside / Downside-47.17%-24.31%14.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)616,174.17610,012.42603,912.30597,873.18591,894.44585,975.50603,554.76
Payout Ratio42.35%51.88%61.41%70.94%80.47%90.00%92.50%
Projected Dividends (M)260,938.92316,465.86370,856.17424,127.03476,295.38527,377.95558,288.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.37%2.37%2.37%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)306,011.96309,134.53312,257.10
Year 2 PV (M)346,759.66353,872.49361,057.53
Year 3 PV (M)383,469.24395,328.28407,429.34
Year 4 PV (M)416,411.27433,669.57451,458.85
Year 5 PV (M)445,840.59469,056.54493,229.71
PV of Terminal Value (M)47,197,180.0649,654,846.7352,213,844.65
Equity Value (M)49,095,672.7751,615,908.1454,239,277.18
Shares Outstanding (M)35.9435.9435.94
Fair Value$1,366,121.45$1,436,248.77$1,509,245.85
Upside / Downside134.73%146.78%159.32%

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