Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kangnam Jevisco Co., Ltd (000860.KS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$28,303.92 - $89,822.59$84,170.82
Multi-Stage$15,195.61 - $16,636.93$15,902.94
Blended Fair Value$50,036.88
Current Price$12,100.00
Upside313.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.22%2.14%278.45264.37263.75263.75250.34275.37275.37250.33250.34250.34
YoY Growth--5.33%0.23%0.00%5.36%-9.09%0.00%10.00%0.00%0.00%11.12%
Dividend Yield--1.23%1.08%1.23%1.02%0.82%0.97%1.01%0.77%0.70%0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,908.78
(-) Cash Dividends Paid (M)3,797.82
(=) Cash Retained (M)2,110.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,181.76738.60443.16
Cash Retained (M)2,110.962,110.962,110.96
(-) Cash Required (M)-1,181.76-738.60-443.16
(=) Excess Retained (M)929.211,372.371,667.80
(/) Shares Outstanding (M)12.9812.9812.98
(=) Excess Retained per Share71.57105.71128.47
LTM Dividend per Share292.54292.54292.54
(+) Excess Retained per Share71.57105.71128.47
(=) Adjusted Dividend364.11398.24421.00
WACC / Discount Rate6.02%6.02%6.02%
Growth Rate4.68%5.68%6.68%
Fair Value$28,303.92$84,170.82$89,822.59
Upside / Downside133.92%595.63%642.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,908.786,244.246,598.746,973.377,369.267,787.638,021.26
Payout Ratio64.27%69.42%74.56%79.71%84.85%90.00%92.50%
Projected Dividends (M)3,797.824,334.714,920.315,558.456,253.177,008.877,419.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.02%6.02%6.02%
Growth Rate4.68%5.68%6.68%
Year 1 PV (M)4,049.744,088.424,127.11
Year 2 PV (M)4,294.654,377.094,460.32
Year 3 PV (M)4,532.684,663.834,797.48
Year 4 PV (M)4,763.974,948.645,138.63
Year 5 PV (M)4,988.665,231.555,483.80
PV of Terminal Value (M)174,646.20183,149.24191,980.30
Equity Value (M)197,275.90206,458.78215,987.65
Shares Outstanding (M)12.9812.9812.98
Fair Value$15,195.61$15,902.94$16,636.93
Upside / Downside25.58%31.43%37.50%

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