Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PI Advanced Materials Co., Ltd. (178920.KS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$12,554.54 - $21,972.17$16,570.82
Multi-Stage$22,186.85 - $24,384.11$23,264.32
Blended Fair Value$19,917.57
Current Price$16,500.00
Upside20.71%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.00778.961,089.95710.97314.98829.96799.96449.98109.990.00
YoY Growth---100.00%-28.53%53.31%125.71%-62.05%3.75%77.78%309.09%0.00%-100.00%
Dividend Yield--0.00%3.39%2.90%1.54%0.69%3.17%2.61%0.99%0.72%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)28,159.54
(-) Cash Dividends Paid (M)10,278.21
(=) Cash Retained (M)17,881.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,631.913,519.942,111.97
Cash Retained (M)17,881.3317,881.3317,881.33
(-) Cash Required (M)-5,631.91-3,519.94-2,111.97
(=) Excess Retained (M)12,249.4214,361.3815,769.36
(/) Shares Outstanding (M)29.3729.3729.37
(=) Excess Retained per Share417.10489.02536.96
LTM Dividend per Share349.98349.98349.98
(+) Excess Retained per Share417.10489.02536.96
(=) Adjusted Dividend767.09839.00886.94
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate0.36%1.36%2.36%
Fair Value$12,554.54$16,570.82$21,972.17
Upside / Downside-23.91%0.43%33.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28,159.5428,541.2028,928.0429,320.1229,717.5130,120.2931,023.90
Payout Ratio36.50%47.20%57.90%68.60%79.30%90.00%92.50%
Projected Dividends (M)10,278.2113,471.4316,749.3220,113.5923,565.9827,108.2628,697.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate0.36%1.36%2.36%
Year 1 PV (M)12,525.9512,650.7612,775.58
Year 2 PV (M)14,480.7414,770.7715,063.67
Year 3 PV (M)16,168.8816,657.0717,154.98
Year 4 PV (M)17,614.6018,327.2519,061.31
Year 5 PV (M)18,840.2119,797.7820,793.89
PV of Terminal Value (M)571,947.51601,017.21631,257.07
Equity Value (M)651,577.89683,220.84716,106.51
Shares Outstanding (M)29.3729.3729.37
Fair Value$22,186.85$23,264.32$24,384.11
Upside / Downside34.47%41.00%47.78%

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