Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Korea Industrial Co., Ltd. (002140.KS)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$6,385.58 - $12,926.88$8,913.88
Multi-Stage$6,526.37 - $7,155.71$6,835.15
Blended Fair Value$7,874.52
Current Price$2,610.00
Upside201.71%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.58%0.22%24.9624.9639.9434.9529.9629.9634.9529.3129.7443.54
YoY Growth--0.00%-37.50%14.29%16.67%0.00%-14.29%19.24%-1.44%-31.70%78.25%
Dividend Yield--0.96%0.79%1.10%0.96%0.70%1.49%1.57%0.85%0.41%2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9,147.65
(-) Cash Dividends Paid (M)740.14
(=) Cash Retained (M)8,407.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,829.531,143.46686.07
Cash Retained (M)8,407.518,407.518,407.51
(-) Cash Required (M)-1,829.53-1,143.46-686.07
(=) Excess Retained (M)6,577.987,264.057,721.43
(/) Shares Outstanding (M)24.7124.7124.71
(=) Excess Retained per Share266.23293.99312.50
LTM Dividend per Share29.9629.9629.96
(+) Excess Retained per Share266.23293.99312.50
(=) Adjusted Dividend296.18323.95342.46
WACC / Discount Rate8.00%8.00%8.00%
Growth Rate3.21%4.21%5.21%
Fair Value$6,385.58$8,913.88$12,926.88
Upside / Downside144.66%241.53%395.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9,147.659,533.019,934.6110,353.1210,789.2711,243.7911,581.10
Payout Ratio8.09%24.47%40.85%57.24%73.62%90.00%92.50%
Projected Dividends (M)740.142,333.004,058.755,925.767,942.8710,119.4110,712.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.00%8.00%8.00%
Growth Rate3.21%4.21%5.21%
Year 1 PV (M)2,139.462,160.192,180.91
Year 2 PV (M)3,413.263,479.723,546.82
Year 3 PV (M)4,569.944,704.064,840.78
Year 4 PV (M)5,617.365,838.256,065.58
Year 5 PV (M)6,562.956,887.107,223.94
PV of Terminal Value (M)138,952.18145,815.23152,946.83
Equity Value (M)161,255.14168,884.55176,804.87
Shares Outstanding (M)24.7124.7124.71
Fair Value$6,526.37$6,835.15$7,155.71
Upside / Downside150.05%161.88%174.17%

High-Yield Dividend Screener

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