Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hanwha General Insurance Co., Ltd. (000370.KS)

Company Dividend Discount ModelIndustry: Insurance - Property & CasualtySector: Financial Services

Valuation Snapshot

Stable Growth$11,720.83 - $16,917.21$14,251.34
Multi-Stage$18,575.94 - $20,442.93$19,491.19
Blended Fair Value$16,871.27
Current Price$5,610.00
Upside200.74%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.08%0.00%91.19141.81106.9978.1572.5396.27111.0865.5540.290.00
YoY Growth---35.70%32.54%36.90%7.76%-24.66%-13.33%69.45%62.69%0.00%0.00%
Dividend Yield--2.30%3.22%2.52%1.55%1.49%5.68%2.12%0.76%0.58%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)258,192.15
(-) Cash Dividends Paid (M)12,147.37
(=) Cash Retained (M)246,044.79
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)51,638.4332,274.0219,364.41
Cash Retained (M)246,044.79246,044.79246,044.79
(-) Cash Required (M)-51,638.43-32,274.02-19,364.41
(=) Excess Retained (M)194,406.36213,770.77226,680.37
(/) Shares Outstanding (M)157.64157.64157.64
(=) Excess Retained per Share1,233.201,356.031,437.92
LTM Dividend per Share77.0677.0677.06
(+) Excess Retained per Share1,233.201,356.031,437.92
(=) Adjusted Dividend1,310.251,433.091,514.98
WACC / Discount Rate8.96%8.96%8.96%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11,720.83$14,251.34$16,917.21
Upside / Downside108.93%154.03%201.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)258,192.15255,610.23253,054.13250,523.58248,018.35245,538.17252,904.31
Payout Ratio4.70%21.76%38.82%55.88%72.94%90.00%92.50%
Projected Dividends (M)12,147.3755,630.5598,242.86139,997.37180,906.95220,984.35233,936.49

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.96%8.96%8.96%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)50,542.4351,058.1751,573.91
Year 2 PV (M)81,093.5782,756.9984,437.29
Year 3 PV (M)104,990.01108,236.90111,550.05
Year 4 PV (M)123,261.11128,369.71133,635.48
Year 5 PV (M)136,796.52143,919.83151,336.84
PV of Terminal Value (M)2,431,707.122,558,331.752,690,177.20
Equity Value (M)2,928,390.763,072,673.343,222,710.77
Shares Outstanding (M)157.64157.64157.64
Fair Value$18,575.94$19,491.19$20,442.93
Upside / Downside231.12%247.44%264.40%

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