Definitive Analysis
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Definitive Analysis

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Sector

SsangYong C&E Co., Ltd. (003410.KS)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$10,330.06 - $24,645.81$15,271.91
Multi-Stage$13,810.11 - $15,129.95$14,457.64
Blended Fair Value$14,864.78
Current Price$7,000.00
Upside112.35%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-2.41%72.07%324.47447.91447.91450.00426.38366.62189.821.281.431.43
YoY Growth---27.56%0.00%-0.46%5.54%16.30%93.15%14,683.76%-9.90%-0.07%0.00%
Dividend Yield--4.64%7.26%5.44%5.86%9.45%5.76%0.40%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)246,061.95
(-) Cash Dividends Paid (M)208,119.55
(=) Cash Retained (M)37,942.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)49,212.3930,757.7418,454.65
Cash Retained (M)37,942.4037,942.4037,942.40
(-) Cash Required (M)-49,212.39-30,757.74-18,454.65
(=) Excess Retained (M)-11,269.997,184.6519,487.75
(/) Shares Outstanding (M)493.41493.41493.41
(=) Excess Retained per Share-22.8414.5639.50
LTM Dividend per Share421.80421.80421.80
(+) Excess Retained per Share-22.8414.5639.50
(=) Adjusted Dividend398.96436.36461.29
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate2.36%3.36%4.36%
Fair Value$10,330.06$15,271.91$24,645.81
Upside / Downside47.57%118.17%252.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)246,061.95254,336.81262,889.95271,730.72280,868.80290,314.19299,023.62
Payout Ratio84.58%85.66%86.75%87.83%88.92%90.00%92.50%
Projected Dividends (M)208,119.55217,875.38228,052.00238,666.68249,737.39261,282.77276,596.84

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate2.36%3.36%4.36%
Year 1 PV (M)202,948.72204,931.36206,914.00
Year 2 PV (M)197,874.67201,759.70205,682.49
Year 3 PV (M)192,897.36198,606.11204,426.39
Year 4 PV (M)188,016.61195,472.03203,147.01
Year 5 PV (M)183,232.11192,358.82201,845.64
PV of Terminal Value (M)5,849,086.836,140,427.206,443,262.85
Equity Value (M)6,814,056.317,133,555.227,465,278.38
Shares Outstanding (M)493.41493.41493.41
Fair Value$13,810.11$14,457.64$15,129.95
Upside / Downside97.29%106.54%116.14%

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