Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

NHN KCP Corp. (060250.KQ)

Company Dividend Discount ModelIndustry: Software - InfrastructureSector: Technology

Valuation Snapshot

Stable Growth$26,377.32 - $64,684.51$39,344.62
Multi-Stage$18,130.35 - $19,824.00$18,961.76
Blended Fair Value$29,153.19
Current Price$18,680.00
Upside56.07%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS19.59%28.87%202.48202.480.000.00130.5782.780.000.0055.690.00
YoY Growth--0.00%0.00%0.00%-100.00%57.73%0.00%0.00%-100.00%0.00%-100.00%
Dividend Yield--2.72%1.65%0.00%0.00%0.44%0.49%0.00%0.00%0.86%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)45,948.45
(-) Cash Dividends Paid (M)3,866.63
(=) Cash Retained (M)42,081.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9,189.695,743.563,446.13
Cash Retained (M)42,081.8242,081.8242,081.82
(-) Cash Required (M)-9,189.69-5,743.56-3,446.13
(=) Excess Retained (M)32,892.1336,338.2738,635.69
(/) Shares Outstanding (M)38.1938.1938.19
(=) Excess Retained per Share861.20951.431,011.58
LTM Dividend per Share101.24101.24101.24
(+) Excess Retained per Share861.20951.431,011.58
(=) Adjusted Dividend962.441,052.661,112.82
WACC / Discount Rate9.35%9.35%9.35%
Growth Rate5.50%6.50%7.50%
Fair Value$26,377.32$39,344.62$64,684.51
Upside / Downside41.21%110.62%246.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)45,948.4548,935.1052,115.8955,503.4259,111.1462,953.3664,841.96
Payout Ratio8.42%24.73%41.05%57.37%73.68%90.00%92.50%
Projected Dividends (M)3,866.6312,102.6921,393.1031,840.1243,554.8856,658.0359,978.82

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.35%9.35%9.35%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)10,963.9811,067.9111,171.83
Year 2 PV (M)17,556.8517,891.2618,228.82
Year 3 PV (M)23,671.9524,351.4925,043.91
Year 4 PV (M)29,334.7630,462.8931,623.26
Year 5 PV (M)34,569.5436,239.2737,972.89
PV of Terminal Value (M)576,364.54604,203.16633,107.23
Equity Value (M)692,461.63724,215.97757,147.94
Shares Outstanding (M)38.1938.1938.19
Fair Value$18,130.35$18,961.76$19,824.00
Upside / Downside-2.94%1.51%6.12%

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