Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Hwaseung Corporation Co.,Ltd. (013520.KS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$16,711.10 - $41,155.28$24,963.15
Multi-Stage$19,529.58 - $21,441.47$20,467.44
Blended Fair Value$22,715.30
Current Price$2,075.00
Upside994.71%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.84%7.48%66.8766.8733.4433.4438.8041.8242.8676.8165.0232.51
YoY Growth--0.00%100.00%-0.01%-13.81%-7.24%-2.43%-44.20%18.12%100.00%0.00%
Dividend Yield--4.13%3.47%1.69%1.74%2.15%2.84%2.04%3.35%1.68%0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35,735.44
(-) Cash Dividends Paid (M)4,754.70
(=) Cash Retained (M)30,980.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,147.094,466.932,680.16
Cash Retained (M)30,980.7330,980.7330,980.73
(-) Cash Required (M)-7,147.09-4,466.93-2,680.16
(=) Excess Retained (M)23,833.6526,513.8028,300.58
(/) Shares Outstanding (M)45.8045.8045.80
(=) Excess Retained per Share520.38578.90617.91
LTM Dividend per Share103.81103.81103.81
(+) Excess Retained per Share520.38578.90617.91
(=) Adjusted Dividend624.19682.71721.72
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate2.70%3.70%4.70%
Fair Value$16,711.10$24,963.15$41,155.28
Upside / Downside705.35%1,103.04%1,883.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35,735.4437,058.1938,429.9239,852.4141,327.5642,857.3244,143.04
Payout Ratio13.31%28.64%43.98%59.32%74.66%90.00%92.50%
Projected Dividends (M)4,754.7010,615.0316,902.7023,641.2930,855.6038,571.5940,832.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate2.70%3.70%4.70%
Year 1 PV (M)9,867.579,963.6510,059.73
Year 2 PV (M)14,606.0714,891.8915,180.48
Year 3 PV (M)18,990.5419,550.6920,121.74
Year 4 PV (M)23,040.3323,950.8924,888.18
Year 5 PV (M)26,773.8528,102.9629,484.34
PV of Terminal Value (M)801,186.23840,958.81882,295.46
Equity Value (M)894,464.58937,418.88982,029.93
Shares Outstanding (M)45.8045.8045.80
Fair Value$19,529.58$20,467.44$21,441.47
Upside / Downside841.18%886.38%933.32%

High-Yield Dividend Screener

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