Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dongwon Systems Corporation (014820.KS)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$67,858.48 - $392,177.25$126,544.21
Multi-Stage$57,897.79 - $63,444.18$60,619.30
Blended Fair Value$93,581.75
Current Price$27,000.00
Upside246.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.11%0.00%619.49601.16600.34527.16439.64439.38439.38208.70208.80208.45
YoY Growth--3.05%0.14%13.88%19.91%0.06%0.00%110.53%-0.05%0.17%0.00%
Dividend Yield--1.90%1.41%1.40%0.90%0.91%2.27%1.27%0.45%0.34%0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)58,593.24
(-) Cash Dividends Paid (M)26,797.31
(=) Cash Retained (M)31,795.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11,718.657,324.164,394.49
Cash Retained (M)31,795.9431,795.9431,795.94
(-) Cash Required (M)-11,718.65-7,324.16-4,394.49
(=) Excess Retained (M)20,077.2924,471.7827,401.44
(/) Shares Outstanding (M)29.2629.2629.26
(=) Excess Retained per Share686.14836.33936.45
LTM Dividend per Share915.80915.80915.80
(+) Excess Retained per Share686.14836.33936.45
(=) Adjusted Dividend1,601.951,752.131,852.25
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate3.86%4.86%5.86%
Fair Value$67,858.48$126,544.21$392,177.25
Upside / Downside151.33%368.68%1,352.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)58,593.2461,443.7964,433.0267,567.6770,854.8374,301.9076,530.96
Payout Ratio45.73%54.59%63.44%72.29%81.15%90.00%92.50%
Projected Dividends (M)26,797.3133,540.6740,876.7448,847.2357,496.4966,871.7170,791.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate3.86%4.86%5.86%
Year 1 PV (M)31,246.9731,547.8231,848.66
Year 2 PV (M)35,477.1536,163.5836,856.58
Year 3 PV (M)39,495.5840,647.3841,821.35
Year 4 PV (M)43,309.7945,001.9646,743.24
Year 5 PV (M)46,927.0749,230.0351,622.53
PV of Terminal Value (M)1,497,690.751,571,190.451,647,547.85
Equity Value (M)1,694,147.311,773,781.201,856,440.21
Shares Outstanding (M)29.2629.2629.26
Fair Value$57,897.79$60,619.30$63,444.18
Upside / Downside114.44%124.52%134.98%

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