Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

HD Hyundai Electric Co., Ltd. (267260.KS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$155,263.68 - $238,218.72$193,955.51
Multi-Stage$338,924.44 - $373,038.13$355,646.28
Blended Fair Value$274,800.90
Current Price$582,000.00
Upside-52.78%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%2,103.16500.740.000.000.000.000.000.000.000.00
YoY Growth--320.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.72%0.28%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)616,174.17
(-) Cash Dividends Paid (M)260,938.92
(=) Cash Retained (M)355,235.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)123,234.8377,021.7746,213.06
Cash Retained (M)355,235.24355,235.24355,235.24
(-) Cash Required (M)-123,234.83-77,021.77-46,213.06
(=) Excess Retained (M)232,000.41278,213.47309,022.18
(/) Shares Outstanding (M)35.9435.9435.94
(=) Excess Retained per Share6,455.577,741.488,598.76
LTM Dividend per Share7,260.817,260.817,260.81
(+) Excess Retained per Share6,455.577,741.488,598.76
(=) Adjusted Dividend13,716.3815,002.2915,859.57
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-2.00%-1.00%0.00%
Fair Value$155,263.68$193,955.51$238,218.72
Upside / Downside-73.32%-66.67%-59.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)616,174.17610,012.42603,912.30597,873.18591,894.44585,975.50603,554.76
Payout Ratio42.35%51.88%61.41%70.94%80.47%90.00%92.50%
Projected Dividends (M)260,938.92316,465.86370,856.17424,127.03476,295.38527,377.95558,288.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)293,714.97296,712.06299,709.16
Year 2 PV (M)319,450.77326,003.44332,622.63
Year 3 PV (M)339,073.30349,559.37360,259.44
Year 4 PV (M)353,405.44368,052.45383,150.09
Year 5 PV (M)363,176.76382,088.22401,779.40
PV of Terminal Value (M)10,511,445.2611,058,800.6111,628,723.78
Equity Value (M)12,180,266.5112,781,216.1413,406,244.49
Shares Outstanding (M)35.9435.9435.94
Fair Value$338,924.44$355,646.28$373,038.13
Upside / Downside-41.77%-38.89%-35.90%

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