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NOROO PAINT & COATINGS Co., Ltd. (090350.KS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$22,602.80 - $61,828.12$34,889.64
Multi-Stage$25,231.90 - $27,672.50$26,429.26
Blended Fair Value$30,659.45
Current Price$9,030.00
Upside239.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.38%4.97%325.17275.10275.10275.12275.14250.18250.14200.13200.13200.13
YoY Growth--18.20%0.00%-0.01%-0.01%9.98%0.02%24.98%0.00%0.00%0.00%
Dividend Yield--4.38%2.73%3.55%2.24%2.50%4.05%3.10%2.49%2.43%1.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)19,729.70
(-) Cash Dividends Paid (M)7,163.51
(=) Cash Retained (M)12,566.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,945.942,466.211,479.73
Cash Retained (M)12,566.2012,566.2012,566.20
(-) Cash Required (M)-3,945.94-2,466.21-1,479.73
(=) Excess Retained (M)8,620.2610,099.9811,086.47
(/) Shares Outstanding (M)20.4620.4620.46
(=) Excess Retained per Share421.30493.62541.83
LTM Dividend per Share350.11350.11350.11
(+) Excess Retained per Share421.30493.62541.83
(=) Adjusted Dividend771.41843.73891.94
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate2.97%3.97%4.97%
Fair Value$22,602.80$34,889.64$61,828.12
Upside / Downside150.31%286.37%584.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)19,729.7020,513.6121,328.6722,176.1123,057.2223,973.3424,692.54
Payout Ratio36.31%47.05%57.78%68.52%79.26%90.00%92.50%
Projected Dividends (M)7,163.519,650.9512,324.7615,195.8018,275.5321,576.0122,840.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate2.97%3.97%4.97%
Year 1 PV (M)8,975.829,062.989,150.15
Year 2 PV (M)10,660.7010,868.7711,078.84
Year 3 PV (M)12,224.6012,584.2212,950.83
Year 4 PV (M)13,673.6714,212.6114,767.33
Year 5 PV (M)15,013.7715,757.0816,529.55
PV of Terminal Value (M)455,721.27478,283.39501,730.40
Equity Value (M)516,269.84540,769.06566,207.09
Shares Outstanding (M)20.4620.4620.46
Fair Value$25,231.90$26,429.26$27,672.50
Upside / Downside179.42%192.68%206.45%

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