Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Webzen Inc. (069080.KQ)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$12,704.51 - $21,396.34$16,507.89
Multi-Stage$15,350.66 - $16,814.67$16,068.96
Blended Fair Value$16,288.43
Current Price$14,700.00
Upside10.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%300.50370.620.000.000.000.000.000.000.000.00
YoY Growth---18.92%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.26%2.19%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)30,480.42
(-) Cash Dividends Paid (M)8,829.18
(=) Cash Retained (M)21,651.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,096.083,810.052,286.03
Cash Retained (M)21,651.2421,651.2421,651.24
(-) Cash Required (M)-6,096.08-3,810.05-2,286.03
(=) Excess Retained (M)15,555.1617,841.1919,365.21
(/) Shares Outstanding (M)29.3829.3829.38
(=) Excess Retained per Share529.42607.23659.10
LTM Dividend per Share300.50300.50300.50
(+) Excess Retained per Share529.42607.23659.10
(=) Adjusted Dividend829.93907.73959.60
WACC / Discount Rate8.72%8.72%8.72%
Growth Rate2.05%3.05%4.05%
Fair Value$12,704.51$16,507.89$21,396.34
Upside / Downside-13.57%12.30%45.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)30,480.4231,411.1932,370.3733,358.8534,377.5035,427.2736,490.09
Payout Ratio28.97%41.17%53.38%65.59%77.79%90.00%92.50%
Projected Dividends (M)8,829.1812,933.0517,279.3221,878.9626,743.4131,884.5433,753.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.72%8.72%8.72%
Growth Rate2.05%3.05%4.05%
Year 1 PV (M)11,780.2711,895.7012,011.13
Year 2 PV (M)14,336.2414,618.5714,903.66
Year 3 PV (M)16,534.4517,025.2817,525.73
Year 4 PV (M)18,409.1719,141.3919,895.24
Year 5 PV (M)19,991.8020,990.6622,029.05
PV of Terminal Value (M)369,969.66388,454.62407,671.17
Equity Value (M)451,021.59472,126.23494,035.98
Shares Outstanding (M)29.3829.3829.38
Fair Value$15,350.66$16,068.96$16,814.67
Upside / Downside4.43%9.31%14.39%

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