Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

BAIKSAN Co,. Ltd (035150.KS)

Company Dividend Discount ModelIndustry: Apparel - Footwear & AccessoriesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$178,034.15 - $423,644.34$397,016.79
Multi-Stage$61,379.26 - $67,229.57$64,250.49
Blended Fair Value$230,633.64
Current Price$14,350.00
Upside1,507.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS26.70%14.84%362.97270.68113.71113.18202.99111.15111.1599.9167.6268.23
YoY Growth--34.10%138.05%0.47%-44.25%82.62%0.00%11.25%47.74%-0.88%-25.00%
Dividend Yield--2.47%2.22%1.31%1.07%2.05%2.12%1.54%1.51%0.77%1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)45,336.07
(-) Cash Dividends Paid (M)7,485.56
(=) Cash Retained (M)37,850.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9,067.215,667.013,400.21
Cash Retained (M)37,850.5137,850.5137,850.51
(-) Cash Required (M)-9,067.21-5,667.01-3,400.21
(=) Excess Retained (M)28,783.3032,183.5034,450.31
(/) Shares Outstanding (M)21.2821.2821.28
(=) Excess Retained per Share1,352.441,512.211,618.72
LTM Dividend per Share351.72351.72351.72
(+) Excess Retained per Share1,352.441,512.211,618.72
(=) Adjusted Dividend1,704.161,863.931,970.44
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate5.50%6.50%7.50%
Fair Value$178,034.15$397,016.79$423,644.34
Upside / Downside1,140.66%2,666.67%2,852.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)45,336.0748,282.9151,421.3054,763.6958,323.3362,114.3463,977.77
Payout Ratio16.51%31.21%45.91%60.60%75.30%90.00%92.50%
Projected Dividends (M)7,485.5615,068.6223,605.8533,189.2643,918.7855,902.9159,179.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)14,014.7914,147.6314,280.47
Year 2 PV (M)20,419.5320,808.4721,201.07
Year 3 PV (M)26,701.5727,468.0728,249.11
Year 4 PV (M)32,862.6434,126.4435,426.35
Year 5 PV (M)38,904.4840,783.5842,734.60
PV of Terminal Value (M)1,173,401.201,230,076.921,288,921.75
Equity Value (M)1,306,304.201,367,411.111,430,813.35
Shares Outstanding (M)21.2821.2821.28
Fair Value$61,379.26$64,250.49$67,229.57
Upside / Downside327.73%347.74%368.50%

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