Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CS Holdings Co., Ltd. (000590.KS)

Company Dividend Discount ModelIndustry: Manufacturing - Tools & AccessoriesSector: Industrials

Valuation Snapshot

Stable Growth$227,253.25 - $339,605.33$280,624.68
Multi-Stage$352,152.69 - $387,422.23$369,444.84
Blended Fair Value$325,034.76
Current Price$83,200.00
Upside290.67%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.61%0.00%729.731,178.331,194.60555.54555.54555.54555.541,495.230.000.00
YoY Growth---38.07%-1.36%115.04%0.00%0.00%0.00%-62.85%0.00%0.00%0.00%
Dividend Yield--1.02%1.79%2.05%0.77%0.86%1.39%0.90%1.97%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)28,128.46
(-) Cash Dividends Paid (M)705.09
(=) Cash Retained (M)27,423.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,625.693,516.062,109.63
Cash Retained (M)27,423.3727,423.3727,423.37
(-) Cash Required (M)-5,625.69-3,516.06-2,109.63
(=) Excess Retained (M)21,797.6823,907.3225,313.74
(/) Shares Outstanding (M)1.031.031.03
(=) Excess Retained per Share21,109.0723,152.0624,514.05
LTM Dividend per Share682.82682.82682.82
(+) Excess Retained per Share21,109.0723,152.0624,514.05
(=) Adjusted Dividend21,791.8923,834.8825,196.87
WACC / Discount Rate8.51%8.51%8.51%
Growth Rate-0.99%0.01%1.01%
Fair Value$227,253.25$280,624.68$339,605.33
Upside / Downside173.14%237.29%308.18%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28,128.4628,132.2428,136.0228,139.8028,143.5828,147.3528,991.78
Payout Ratio2.51%20.01%37.50%55.00%72.50%90.00%92.50%
Projected Dividends (M)705.095,627.9510,552.1315,477.6420,404.4725,332.6226,817.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.51%8.51%8.51%
Growth Rate-0.99%0.01%1.01%
Year 1 PV (M)5,134.815,186.675,238.53
Year 2 PV (M)8,783.918,962.239,142.35
Year 3 PV (M)11,755.0912,114.8612,481.91
Year 4 PV (M)14,139.0514,718.9615,316.52
Year 5 PV (M)16,015.8016,841.0717,700.02
PV of Terminal Value (M)307,811.79323,672.89340,181.20
Equity Value (M)363,640.44381,496.68400,060.52
Shares Outstanding (M)1.031.031.03
Fair Value$352,152.69$369,444.84$387,422.23
Upside / Downside323.26%344.04%365.65%

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