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Cheil Grinding Wheel Ind. Co., Ltd. (001560.KS)

Company Dividend Discount ModelIndustry: Manufacturing - Tools & AccessoriesSector: Industrials

Valuation Snapshot

Stable Growth$20,138.10 - $31,509.10$25,370.48
Multi-Stage$44,560.03 - $49,114.81$46,792.44
Blended Fair Value$36,081.46
Current Price$10,130.00
Upside256.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.59%3.24%308.31290.40298.05246.55246.55224.13201.72179.31179.31224.13
YoY Growth--6.17%-2.57%20.89%0.00%10.00%11.11%12.50%0.00%-20.00%0.00%
Dividend Yield--3.69%3.33%2.80%2.01%3.15%4.47%3.19%3.05%2.90%3.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)13,946.08
(-) Cash Dividends Paid (M)2,146.85
(=) Cash Retained (M)11,799.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,789.221,743.261,045.96
Cash Retained (M)11,799.2311,799.2311,799.23
(-) Cash Required (M)-2,789.22-1,743.26-1,045.96
(=) Excess Retained (M)9,010.0110,055.9710,753.27
(/) Shares Outstanding (M)6.696.696.69
(=) Excess Retained per Share1,346.301,502.591,606.78
LTM Dividend per Share320.79320.79320.79
(+) Excess Retained per Share1,346.301,502.591,606.78
(=) Adjusted Dividend1,667.091,823.381,927.57
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-1.78%-0.78%0.22%
Fair Value$20,138.10$25,370.48$31,509.10
Upside / Downside98.80%150.45%211.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)13,946.0813,837.5413,729.8413,622.9813,516.9513,411.7513,814.10
Payout Ratio15.39%30.32%45.24%60.16%75.08%90.00%92.50%
Projected Dividends (M)2,146.854,194.876,210.888,195.2610,148.3612,070.5712,778.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-1.78%-0.78%0.22%
Year 1 PV (M)3,904.553,944.303,984.05
Year 2 PV (M)5,380.935,491.065,602.30
Year 3 PV (M)6,608.746,812.657,020.72
Year 4 PV (M)7,617.357,932.338,256.98
Year 5 PV (M)8,433.118,871.239,327.38
PV of Terminal Value (M)266,269.93280,103.29294,505.71
Equity Value (M)298,214.61313,154.87328,697.14
Shares Outstanding (M)6.696.696.69
Fair Value$44,560.03$46,792.44$49,114.81
Upside / Downside339.88%361.92%384.85%

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