Definitive Analysis
Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Miwon Chemicals Co., Ltd. (134380.KS)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$1,124,994.39 - $2,271,404.24$2,128,638.41
Multi-Stage$348,813.39 - $381,886.87$365,045.87
Blended Fair Value$1,246,842.14
Current Price$79,200.00
Upside1,474.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS31.58%23.51%3,828.382,945.312,449.292,431.031,938.74970.50966.131,101.401,454.600.00
YoY Growth--29.98%20.25%0.75%25.39%99.77%0.45%-12.28%-24.28%0.00%-100.00%
Dividend Yield--4.90%4.16%3.87%3.43%2.20%2.34%2.39%1.93%2.14%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,999.57
(-) Cash Dividends Paid (M)7,739.67
(=) Cash Retained (M)15,259.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,599.912,874.951,724.97
Cash Retained (M)15,259.9115,259.9115,259.91
(-) Cash Required (M)-4,599.91-2,874.95-1,724.97
(=) Excess Retained (M)10,659.9912,384.9613,534.94
(/) Shares Outstanding (M)2.012.012.01
(=) Excess Retained per Share5,293.606,150.206,721.26
LTM Dividend per Share3,843.413,843.413,843.41
(+) Excess Retained per Share5,293.606,150.206,721.26
(=) Adjusted Dividend9,137.019,993.6110,564.67
WACC / Discount Rate6.36%6.36%6.36%
Growth Rate5.50%6.50%7.50%
Fair Value$1,124,994.39$2,128,638.41$2,271,404.24
Upside / Downside1,320.45%2,587.67%2,767.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,999.5724,494.5526,086.6927,782.3329,588.1831,511.4132,456.75
Payout Ratio33.65%44.92%56.19%67.46%78.73%90.00%92.50%
Projected Dividends (M)7,739.6711,003.2114,658.3218,742.1123,294.8528,360.2730,022.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.36%6.36%6.36%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)10,248.4210,345.5610,442.70
Year 2 PV (M)12,716.2512,958.4613,202.95
Year 3 PV (M)15,143.6515,578.3716,021.33
Year 4 PV (M)17,531.1118,205.3118,898.77
Year 5 PV (M)19,879.1220,839.2921,836.21
PV of Terminal Value (M)626,904.42657,184.13688,622.73
Equity Value (M)702,422.97735,111.12769,024.69
Shares Outstanding (M)2.012.012.01
Fair Value$348,813.39$365,045.87$381,886.87
Upside / Downside340.42%360.92%382.18%

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