Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hwaseung Enterprise Co., Ltd. (241590.KS)

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

Valuation Snapshot

Stable Growth$1,519.16 - $3,914.29$2,302.54
Multi-Stage$5,827.21 - $6,428.23$6,121.78
Blended Fair Value$4,212.16
Current Price$6,060.00
Upside-30.49%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.91%0.00%35.2035.3235.1455.3535.1227.7018.0812.150.000.00
YoY Growth---0.34%0.50%-36.51%57.58%26.82%53.16%48.80%0.00%0.00%0.00%
Dividend Yield--0.42%0.47%0.41%0.36%0.19%0.26%0.15%0.11%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,464.59
(-) Cash Dividends Paid (M)2,735.57
(=) Cash Retained (M)2,729.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,092.92683.07409.84
Cash Retained (M)2,729.022,729.022,729.02
(-) Cash Required (M)-1,092.92-683.07-409.84
(=) Excess Retained (M)1,636.102,045.952,319.17
(/) Shares Outstanding (M)77.5677.5677.56
(=) Excess Retained per Share21.1026.3829.90
LTM Dividend per Share35.2735.2735.27
(+) Excess Retained per Share21.1026.3829.90
(=) Adjusted Dividend56.3761.6565.17
WACC / Discount Rate3.10%3.10%3.10%
Growth Rate-0.59%0.41%1.41%
Fair Value$1,519.16$2,302.54$3,914.29
Upside / Downside-74.93%-62.00%-35.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,464.595,487.085,509.665,532.335,555.105,577.965,745.30
Payout Ratio50.06%58.05%66.04%74.02%82.01%90.00%92.50%
Projected Dividends (M)2,735.573,185.133,638.354,095.254,555.855,020.165,314.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.10%3.10%3.10%
Growth Rate-0.59%0.41%1.41%
Year 1 PV (M)3,058.603,089.363,120.13
Year 2 PV (M)3,355.013,422.853,491.36
Year 3 PV (M)3,626.303,736.843,849.60
Year 4 PV (M)3,873.884,032.124,195.16
Year 5 PV (M)4,099.114,309.474,528.37
PV of Terminal Value (M)433,936.22456,205.00479,378.76
Equity Value (M)451,949.12474,795.63498,563.39
Shares Outstanding (M)77.5677.5677.56
Fair Value$5,827.21$6,121.78$6,428.23
Upside / Downside-3.84%1.02%6.08%

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