Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dongnam Chemical Co., Ltd. (023450.KS)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$18,631.39 - $28,901.05$23,385.21
Multi-Stage$43,007.47 - $47,348.06$45,135.07
Blended Fair Value$34,260.14
Current Price$33,950.00
Upside0.91%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.90%0.00%814.52817.77596.114,510.3110,430.881,371.95225.7588.4058.6258.63
YoY Growth---0.40%37.18%-86.78%-56.76%660.30%507.74%155.37%50.82%-0.03%0.00%
Dividend Yield--2.43%2.61%1.40%7.31%19.79%5.25%0.94%0.40%0.27%0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,782.78
(-) Cash Dividends Paid (M)3,117.36
(=) Cash Retained (M)3,665.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,356.56847.85508.71
Cash Retained (M)3,665.423,665.423,665.42
(-) Cash Required (M)-1,356.56-847.85-508.71
(=) Excess Retained (M)2,308.862,817.573,156.71
(/) Shares Outstanding (M)3.423.423.42
(=) Excess Retained per Share675.82824.72923.99
LTM Dividend per Share912.47912.47912.47
(+) Excess Retained per Share675.82824.72923.99
(=) Adjusted Dividend1,588.281,737.191,836.45
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-2.00%-1.00%0.00%
Fair Value$18,631.39$23,385.21$28,901.05
Upside / Downside-45.12%-31.12%-14.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,782.786,714.956,647.806,581.326,515.516,450.356,643.86
Payout Ratio45.96%54.77%63.58%72.38%81.19%90.00%92.50%
Projected Dividends (M)3,117.363,677.644,226.404,763.825,290.075,805.326,145.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3,422.993,457.913,492.84
Year 2 PV (M)3,661.363,736.463,812.33
Year 3 PV (M)3,841.173,959.964,081.17
Year 4 PV (M)3,970.134,134.684,304.28
Year 5 PV (M)4,055.144,266.304,486.16
PV of Terminal Value (M)127,980.06134,644.28141,583.27
Equity Value (M)146,930.84154,199.59161,760.06
Shares Outstanding (M)3.423.423.42
Fair Value$43,007.47$45,135.07$47,348.06
Upside / Downside26.68%32.95%39.46%

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