Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

SeAH Steel Holdings Corporation (003030.KS)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$1,343,370.30 - $2,686,441.65$2,517,589.25
Multi-Stage$414,801.63 - $454,067.66$434,073.66
Blended Fair Value$1,475,831.45
Current Price$158,700.00
Upside829.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.63%10.08%5,741.895,271.723,230.422,419.862,383.922,900.942,590.052,534.852,533.362,204.36
YoY Growth--8.92%63.19%33.50%1.51%-17.82%12.00%2.18%0.06%14.93%0.30%
Dividend Yield--2.41%2.36%2.23%2.02%4.33%11.94%5.01%3.04%2.66%3.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)54,576.47
(-) Cash Dividends Paid (M)20,829.46
(=) Cash Retained (M)33,747.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,915.296,822.064,093.24
Cash Retained (M)33,747.0133,747.0133,747.01
(-) Cash Required (M)-10,915.29-6,822.06-4,093.24
(=) Excess Retained (M)22,831.7126,924.9529,653.77
(/) Shares Outstanding (M)4.044.044.04
(=) Excess Retained per Share5,651.066,664.187,339.59
LTM Dividend per Share5,155.495,155.495,155.49
(+) Excess Retained per Share5,651.066,664.187,339.59
(=) Adjusted Dividend10,806.5511,819.6712,495.08
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate5.50%6.50%7.50%
Fair Value$1,343,370.30$2,517,589.25$2,686,441.65
Upside / Downside746.48%1,486.38%1,592.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)54,576.4758,123.9461,902.0065,925.6370,210.7974,774.5077,017.73
Payout Ratio38.17%48.53%58.90%69.27%79.63%90.00%92.50%
Projected Dividends (M)20,829.4628,209.0136,459.9045,664.2255,911.0567,297.0571,241.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)26,275.9626,525.0226,774.08
Year 2 PV (M)31,634.2132,236.7532,844.98
Year 3 PV (M)36,905.2637,964.6839,044.18
Year 4 PV (M)42,090.1743,708.8445,373.75
Year 5 PV (M)47,189.9849,469.2751,835.80
PV of Terminal Value (M)1,491,806.721,563,861.541,638,674.07
Equity Value (M)1,675,902.291,753,766.101,834,546.86
Shares Outstanding (M)4.044.044.04
Fair Value$414,801.63$434,073.66$454,067.66
Upside / Downside161.37%173.52%186.12%

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