Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hanwha Life Insurance Co., Ltd. (088350.KS)

Company Dividend Discount ModelIndustry: Insurance - LifeSector: Financial Services

Valuation Snapshot

Stable Growth$10,656.93 - $16,830.62$13,479.20
Multi-Stage$14,996.74 - $16,476.48$15,722.43
Blended Fair Value$14,600.81
Current Price$3,145.00
Upside364.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.22%2.47%193.4068.69128.2031.1831.18103.95145.5399.01187.11205.91
YoY Growth--181.57%-46.42%311.10%0.00%-70.00%-28.57%46.99%-47.09%-9.13%35.89%
Dividend Yield--7.60%2.42%5.34%0.99%0.97%7.48%3.64%1.60%3.10%3.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)756,722.72
(-) Cash Dividends Paid (M)46,515.00
(=) Cash Retained (M)710,207.72
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)151,344.5494,590.3456,754.20
Cash Retained (M)710,207.72710,207.72710,207.72
(-) Cash Required (M)-151,344.54-94,590.34-56,754.20
(=) Excess Retained (M)558,863.17615,617.38653,453.51
(/) Shares Outstanding (M)722.84722.84722.84
(=) Excess Retained per Share773.15851.67904.01
LTM Dividend per Share64.3564.3564.35
(+) Excess Retained per Share773.15851.67904.01
(=) Adjusted Dividend837.50916.02968.36
WACC / Discount Rate8.37%8.37%8.37%
Growth Rate0.47%1.47%2.47%
Fair Value$10,656.93$13,479.20$16,830.62
Upside / Downside238.85%328.59%435.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)756,722.72767,846.63779,134.06790,587.41802,209.14814,001.70838,421.75
Payout Ratio6.15%22.92%39.69%56.46%73.23%90.00%92.50%
Projected Dividends (M)46,515.00175,971.41309,223.82446,355.86587,452.78732,601.53775,540.12

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.37%8.37%8.37%
Growth Rate0.47%1.47%2.47%
Year 1 PV (M)160,786.32162,386.66163,987.00
Year 2 PV (M)258,158.78263,323.37268,539.12
Year 3 PV (M)340,488.28350,756.67361,229.46
Year 4 PV (M)409,449.99425,996.37443,039.25
Year 5 PV (M)466,554.84490,240.28514,878.04
PV of Terminal Value (M)9,204,798.199,672,095.1410,158,180.76
Equity Value (M)10,840,236.4111,364,798.4911,909,853.63
Shares Outstanding (M)722.84722.84722.84
Fair Value$14,996.74$15,722.43$16,476.48
Upside / Downside376.84%399.92%423.89%

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