Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Hyosung TNC Corporation (298020.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$190,071.14 - $314,532.25$245,194.48
Multi-Stage$399,989.64 - $439,117.71$419,176.70
Blended Fair Value$332,185.59
Current Price$250,000.00
Upside32.87%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS36.62%0.00%14,772.1115,324.6654,305.205,502.821,734.953,103.230.000.000.000.00
YoY Growth---3.61%-71.78%886.86%217.17%-44.09%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.81%4.72%12.26%1.18%0.30%2.81%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)82,827.10
(-) Cash Dividends Paid (M)73,491.27
(=) Cash Retained (M)9,335.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16,565.4210,353.396,212.03
Cash Retained (M)9,335.849,335.849,335.84
(-) Cash Required (M)-16,565.42-10,353.39-6,212.03
(=) Excess Retained (M)-7,229.58-1,017.553,123.80
(/) Shares Outstanding (M)4.984.984.98
(=) Excess Retained per Share-1,453.18-204.53627.90
LTM Dividend per Share14,772.1114,772.1114,772.11
(+) Excess Retained per Share-1,453.18-204.53627.90
(=) Adjusted Dividend13,318.9314,567.5815,400.01
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate-0.63%0.37%1.37%
Fair Value$190,071.14$245,194.48$314,532.25
Upside / Downside-23.97%-1.92%25.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)82,827.1083,135.4283,444.8983,755.5084,067.2884,380.2186,911.62
Payout Ratio88.73%88.98%89.24%89.49%89.75%90.00%92.50%
Projected Dividends (M)73,491.2773,976.2474,463.8174,953.9875,446.7775,942.1980,393.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate-0.63%0.37%1.37%
Year 1 PV (M)68,875.5569,568.6570,261.76
Year 2 PV (M)64,549.2065,854.8767,173.62
Year 3 PV (M)60,494.1162,338.8464,220.70
Year 4 PV (M)56,693.3259,010.0561,397.08
Year 5 PV (M)53,130.9055,858.5758,697.14
PV of Terminal Value (M)1,686,205.381,772,773.101,862,860.30
Equity Value (M)1,989,948.452,085,404.102,184,610.60
Shares Outstanding (M)4.984.984.98
Fair Value$399,989.64$419,176.70$439,117.71
Upside / Downside60.00%67.67%75.65%

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