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Kangwon Land, Inc. (035250.KS)

Company Dividend Discount ModelIndustry: Gambling, Resorts & CasinosSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$16,406.74 - $25,137.11$20,482.55
Multi-Stage$31,544.99 - $34,629.54$33,057.48
Blended Fair Value$26,770.02
Current Price$18,360.00
Upside45.81%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.65%2.45%939.61353.620.000.00909.30909.511,000.231,000.23990.13858.79
YoY Growth--165.71%0.00%0.00%-100.00%-0.02%-9.07%0.00%1.02%15.29%16.44%
Dividend Yield--5.64%2.14%0.00%0.00%3.59%4.61%3.16%3.55%2.59%2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)362,695.91
(-) Cash Dividends Paid (M)234,474.65
(=) Cash Retained (M)128,221.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)72,539.1845,336.9927,202.19
Cash Retained (M)128,221.26128,221.26128,221.26
(-) Cash Required (M)-72,539.18-45,336.99-27,202.19
(=) Excess Retained (M)55,682.0882,884.27101,019.06
(/) Shares Outstanding (M)200.67200.67200.67
(=) Excess Retained per Share277.49413.05503.42
LTM Dividend per Share1,168.491,168.491,168.49
(+) Excess Retained per Share277.49413.05503.42
(=) Adjusted Dividend1,445.981,581.541,671.91
WACC / Discount Rate7.35%7.35%7.35%
Growth Rate-1.35%-0.35%0.65%
Fair Value$16,406.74$20,482.55$25,137.11
Upside / Downside-10.64%11.56%36.91%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)362,695.91361,438.26360,184.98358,936.04357,691.43356,451.14367,144.67
Payout Ratio64.65%69.72%74.79%79.86%84.93%90.00%92.50%
Projected Dividends (M)234,474.65251,988.18269,377.43286,643.05303,785.70320,806.02339,608.82

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.35%7.35%7.35%
Growth Rate-1.35%-0.35%0.65%
Year 1 PV (M)232,384.26234,739.82237,095.39
Year 2 PV (M)229,094.30233,762.27238,477.32
Year 3 PV (M)224,812.80231,718.79238,764.77
Year 4 PV (M)219,721.97228,767.21238,088.88
Year 5 PV (M)213,981.00225,048.21236,568.67
PV of Terminal Value (M)5,209,980.665,479,443.595,759,942.36
Equity Value (M)6,329,974.986,633,479.886,948,937.40
Shares Outstanding (M)200.67200.67200.67
Fair Value$31,544.99$33,057.48$34,629.54
Upside / Downside71.81%80.05%88.61%

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