Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Seoul City Gas Co., Ltd. (017390.KS)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$251,171.52 - $794,694.36$404,191.02
Multi-Stage$267,051.22 - $292,999.86$279,781.32
Blended Fair Value$341,986.17
Current Price$57,300.00
Upside496.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.14%5.66%2,330.031,782.691,792.161,783.5216,706.221,813.721,739.931,788.211,818.291,624.07
YoY Growth--30.70%-0.53%0.48%-89.32%821.10%4.24%-2.70%-1.65%11.96%20.84%
Dividend Yield--4.78%3.08%0.36%0.97%18.81%2.96%2.08%2.10%2.24%1.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)37,913.46
(-) Cash Dividends Paid (M)10,019.69
(=) Cash Retained (M)27,893.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,582.694,739.182,843.51
Cash Retained (M)27,893.7727,893.7727,893.77
(-) Cash Required (M)-7,582.69-4,739.18-2,843.51
(=) Excess Retained (M)20,311.0823,154.5925,050.26
(/) Shares Outstanding (M)3.913.913.91
(=) Excess Retained per Share5,198.055,925.776,410.92
LTM Dividend per Share2,564.262,564.262,564.26
(+) Excess Retained per Share5,198.055,925.776,410.92
(=) Adjusted Dividend7,762.328,490.038,975.18
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate3.14%4.14%5.14%
Fair Value$251,171.52$404,191.02$794,694.36
Upside / Downside338.34%605.39%1,286.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)37,913.4639,482.1941,115.8242,817.0544,588.6746,433.5947,826.60
Payout Ratio26.43%39.14%51.86%64.57%77.29%90.00%92.50%
Projected Dividends (M)10,019.6915,454.2121,321.3027,647.4534,460.6041,790.2344,239.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate3.14%4.14%5.14%
Year 1 PV (M)14,395.3014,534.8714,674.44
Year 2 PV (M)18,499.5618,860.0319,223.98
Year 3 PV (M)22,344.8023,001.0823,670.07
Year 4 PV (M)25,942.8826,963.7528,014.46
Year 5 PV (M)29,305.1530,753.6532,258.87
PV of Terminal Value (M)932,998.59979,114.981,027,037.16
Equity Value (M)1,043,486.271,093,228.361,144,878.99
Shares Outstanding (M)3.913.913.91
Fair Value$267,051.22$279,781.32$292,999.86
Upside / Downside366.06%388.27%411.34%

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