Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pangrim Co., Ltd. (003610.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$355.17 - $483.09$420.30
Multi-Stage$682.30 - $747.39$714.21
Blended Fair Value$567.26
Current Price$4,390.00
Upside-87.08%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.38%3.18%40.9448.4851.5340.0846.2966.9960.0645.5034.9929.93
YoY Growth---15.56%-5.90%28.57%-13.43%-30.89%11.54%32.00%30.03%16.90%0.00%
Dividend Yield--0.96%2.23%1.08%1.52%2.42%3.14%2.43%2.28%1.55%1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,405.11
(-) Cash Dividends Paid (M)1,966.92
(=) Cash Retained (M)438.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)481.02300.64180.38
Cash Retained (M)438.19438.19438.19
(-) Cash Required (M)-481.02-300.64-180.38
(=) Excess Retained (M)-42.83137.55257.81
(/) Shares Outstanding (M)33.7833.7833.78
(=) Excess Retained per Share-1.274.077.63
LTM Dividend per Share58.2258.2258.22
(+) Excess Retained per Share-1.274.077.63
(=) Adjusted Dividend56.9662.3065.86
WACC / Discount Rate9.70%9.70%9.70%
Growth Rate-5.46%-4.46%-3.46%
Fair Value$355.17$420.30$483.09
Upside / Downside-91.91%-90.43%-89.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,405.112,297.772,195.232,097.262,003.661,914.241,971.66
Payout Ratio81.78%83.42%85.07%86.71%88.36%90.00%92.50%
Projected Dividends (M)1,966.921,916.911,867.451,818.581,770.361,722.811,823.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.70%9.70%9.70%
Growth Rate-5.46%-4.46%-3.46%
Year 1 PV (M)1,729.161,747.461,765.75
Year 2 PV (M)1,519.561,551.871,584.53
Year 3 PV (M)1,334.861,377.671,421.38
Year 4 PV (M)1,172.191,222.581,274.57
Year 5 PV (M)1,028.981,084.571,142.53
PV of Terminal Value (M)16,264.5717,143.1818,059.36
Equity Value (M)23,049.3224,127.3225,248.12
Shares Outstanding (M)33.7833.7833.78
Fair Value$682.30$714.21$747.39
Upside / Downside-84.46%-83.73%-82.98%

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