Definitive Analysis
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Definitive Analysis

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Sector

Secuve Co., Ltd. (131090.KQ)

Company Dividend Discount ModelIndustry: Software - InfrastructureSector: Technology

Valuation Snapshot

Stable Growth$2,382.77 - $3,353.15$2,864.24
Multi-Stage$5,152.43 - $5,679.49$5,410.68
Blended Fair Value$4,137.46
Current Price$4,350.00
Upside-4.89%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%128.92134.15127.6372.6645.830.000.000.000.000.00
YoY Growth---3.90%5.11%75.65%58.55%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.23%2.71%2.26%1.01%0.67%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,965.96
(-) Cash Dividends Paid (M)956.66
(=) Cash Retained (M)2,009.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)593.19370.75222.45
Cash Retained (M)2,009.302,009.302,009.30
(-) Cash Required (M)-593.19-370.75-222.45
(=) Excess Retained (M)1,416.111,638.561,786.85
(/) Shares Outstanding (M)7.647.647.64
(=) Excess Retained per Share185.29214.40233.80
LTM Dividend per Share125.18125.18125.18
(+) Excess Retained per Share185.29214.40233.80
(=) Adjusted Dividend310.47339.58358.98
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate-4.73%-3.73%-2.73%
Fair Value$2,382.77$2,864.24$3,353.15
Upside / Downside-45.22%-34.16%-22.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,965.962,855.362,748.892,646.382,547.702,452.702,526.28
Payout Ratio32.25%43.80%55.35%66.90%78.45%90.00%92.50%
Projected Dividends (M)956.661,250.751,521.581,770.481,998.692,207.432,336.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate-4.73%-3.73%-2.73%
Year 1 PV (M)1,149.431,161.501,173.56
Year 2 PV (M)1,285.051,312.161,339.57
Year 3 PV (M)1,374.121,417.841,462.49
Year 4 PV (M)1,425.581,486.381,549.11
Year 5 PV (M)1,446.911,524.461,605.30
PV of Terminal Value (M)32,696.3934,448.7636,275.47
Equity Value (M)39,377.4841,351.1043,405.49
Shares Outstanding (M)7.647.647.64
Fair Value$5,152.43$5,410.68$5,679.49
Upside / Downside18.45%24.38%30.56%

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