Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pangrim Co., Ltd. (003610.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$646.44 - $1,004.44$812.01
Multi-Stage$4,687.60 - $5,193.34$4,935.23
Blended Fair Value$2,873.62
Current Price$4,390.00
Upside-34.54%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.38%3.18%40.9448.4851.5340.0846.2966.9960.0645.5034.9929.93
YoY Growth---15.56%-5.90%28.57%-13.43%-30.89%11.54%32.00%30.03%16.90%0.00%
Dividend Yield--0.96%2.23%1.08%1.52%2.42%3.14%2.43%2.28%1.55%1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,405.11
(-) Cash Dividends Paid (M)1,966.92
(=) Cash Retained (M)438.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)481.02300.64180.38
Cash Retained (M)438.19438.19438.19
(-) Cash Required (M)-481.02-300.64-180.38
(=) Excess Retained (M)-42.83137.55257.81
(/) Shares Outstanding (M)33.7833.7833.78
(=) Excess Retained per Share-1.274.077.63
LTM Dividend per Share58.2258.2258.22
(+) Excess Retained per Share-1.274.077.63
(=) Adjusted Dividend56.9662.3065.86
WACC / Discount Rate2.87%2.87%2.87%
Growth Rate-5.46%-4.46%-3.46%
Fair Value$646.44$812.01$1,004.44
Upside / Downside-85.27%-81.50%-77.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,405.112,297.772,195.232,097.262,003.661,914.241,971.66
Payout Ratio81.78%83.42%85.07%86.71%88.36%90.00%92.50%
Projected Dividends (M)1,966.921,916.911,867.451,818.581,770.361,722.811,823.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.87%2.87%2.87%
Growth Rate-5.46%-4.46%-3.46%
Year 1 PV (M)1,843.991,863.491,883.00
Year 2 PV (M)1,728.071,764.821,801.96
Year 3 PV (M)1,618.831,670.741,723.76
Year 4 PV (M)1,515.951,581.121,648.36
Year 5 PV (M)1,419.121,495.781,575.72
PV of Terminal Value (M)150,229.37158,344.77166,807.16
Equity Value (M)158,355.32166,720.72175,439.96
Shares Outstanding (M)33.7833.7833.78
Fair Value$4,687.60$4,935.23$5,193.34
Upside / Downside6.78%12.42%18.30%

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