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KPX Holdings Co.,Ltd. (092230.KS)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$514,224.70 - $1,302,585.02$775,124.11
Multi-Stage$632,276.50 - $693,811.19$662,462.58
Blended Fair Value$718,793.34
Current Price$66,900.00
Upside974.43%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.58%7.28%7,663.987,430.117,112.007,701.557,059.536,125.317,381.385,414.184,198.643,981.66
YoY Growth--3.15%4.47%-7.65%9.09%15.25%-17.02%36.33%28.95%5.45%4.89%
Dividend Yield--14.01%12.81%13.50%12.56%11.73%15.41%12.30%8.50%6.74%6.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)92,333.90
(-) Cash Dividends Paid (M)32,089.32
(=) Cash Retained (M)60,244.58
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18,466.7811,541.746,925.04
Cash Retained (M)60,244.5860,244.5860,244.58
(-) Cash Required (M)-18,466.78-11,541.74-6,925.04
(=) Excess Retained (M)41,777.8048,702.8553,319.54
(/) Shares Outstanding (M)3.943.943.94
(=) Excess Retained per Share10,605.5212,363.4813,535.46
LTM Dividend per Share8,146.058,146.058,146.05
(+) Excess Retained per Share10,605.5212,363.4813,535.46
(=) Adjusted Dividend18,751.5720,509.5321,681.50
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate2.58%3.58%4.58%
Fair Value$514,224.70$775,124.11$1,302,585.02
Upside / Downside668.65%1,058.63%1,847.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)92,333.9095,643.1599,071.00102,621.71106,299.68110,109.46113,412.74
Payout Ratio34.75%45.80%56.85%67.90%78.95%90.00%92.50%
Projected Dividends (M)32,089.3243,807.2956,323.9869,681.6083,924.3599,098.51104,906.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate2.58%3.58%4.58%
Year 1 PV (M)40,803.6241,201.3841,599.14
Year 2 PV (M)48,865.0249,822.3550,788.96
Year 3 PV (M)56,308.6757,971.4859,666.71
Year 4 PV (M)63,168.0565,667.3868,240.15
Year 5 PV (M)69,475.0772,927.9976,516.85
PV of Terminal Value (M)2,212,074.782,322,015.132,436,283.91
Equity Value (M)2,490,695.212,609,605.712,733,095.72
Shares Outstanding (M)3.943.943.94
Fair Value$632,276.50$662,462.58$693,811.19
Upside / Downside845.11%890.23%937.09%

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