Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yuhan Corporation (000100.KS)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$19,787.71 - $48,006.32$29,412.53
Multi-Stage$14,729.07 - $16,063.86$15,384.46
Blended Fair Value$22,398.49
Current Price$119,100.00
Upside-81.19%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.20%7.48%430.72365.38349.45334.19318.65304.31291.28277.99275.30241.70
YoY Growth--17.88%4.56%4.57%4.87%4.72%4.47%4.78%0.98%13.90%15.41%
Dividend Yield--0.39%0.46%0.73%0.63%0.59%0.81%0.77%0.84%0.87%0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)68,133.11
(-) Cash Dividends Paid (M)37,481.12
(=) Cash Retained (M)30,651.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13,626.628,516.645,109.98
Cash Retained (M)30,651.9930,651.9930,651.99
(-) Cash Required (M)-13,626.62-8,516.64-5,109.98
(=) Excess Retained (M)17,025.3622,135.3525,542.00
(/) Shares Outstanding (M)74.6374.6374.63
(=) Excess Retained per Share228.13296.60342.25
LTM Dividend per Share502.22502.22502.22
(+) Excess Retained per Share228.13296.60342.25
(=) Adjusted Dividend730.35798.82844.47
WACC / Discount Rate9.24%9.24%9.24%
Growth Rate5.35%6.35%7.35%
Fair Value$19,787.71$29,412.53$48,006.32
Upside / Downside-83.39%-75.30%-59.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)68,133.1172,458.8177,059.1481,951.5587,154.5692,687.9295,468.55
Payout Ratio55.01%62.01%69.01%76.00%83.00%90.00%92.50%
Projected Dividends (M)37,481.1244,931.1953,176.1862,286.9872,340.3183,419.1388,308.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.24%9.24%9.24%
Growth Rate5.35%6.35%7.35%
Year 1 PV (M)40,744.9941,131.7541,518.52
Year 2 PV (M)43,729.0144,563.1345,405.12
Year 3 PV (M)46,448.9747,784.2949,144.95
Year 4 PV (M)48,919.8950,803.9552,741.91
Year 5 PV (M)51,156.0553,630.5256,199.83
PV of Terminal Value (M)868,242.36910,240.08953,847.49
Equity Value (M)1,099,241.291,148,153.731,198,857.82
Shares Outstanding (M)74.6374.6374.63
Fair Value$14,729.07$15,384.46$16,063.86
Upside / Downside-87.63%-87.08%-86.51%

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