Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

DongWon Development Co.,Ltd. (013120.KQ)

Company Dividend Discount ModelIndustry: Real Estate - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$635.37 - $914.25$771.51
Multi-Stage$2,838.61 - $3,139.20$2,985.81
Blended Fair Value$1,878.66
Current Price$2,690.00
Upside-30.16%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-15.44%0.00%80.47160.95150.89186.10171.01186.10149.28111.6680.1750.84
YoY Growth---50.00%6.67%-18.92%8.82%-8.11%24.66%33.69%39.27%57.69%0.00%
Dividend Yield--3.67%5.91%4.55%3.44%3.17%5.69%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,518.30
(-) Cash Dividends Paid (M)7,264.65
(=) Cash Retained (M)1,253.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,703.661,064.79638.87
Cash Retained (M)1,253.661,253.661,253.66
(-) Cash Required (M)-1,703.66-1,064.79-638.87
(=) Excess Retained (M)-450.00188.87614.78
(/) Shares Outstanding (M)90.2790.2790.27
(=) Excess Retained per Share-4.982.096.81
LTM Dividend per Share80.4780.4780.47
(+) Excess Retained per Share-4.982.096.81
(=) Adjusted Dividend75.4982.5787.29
WACC / Discount Rate5.02%5.02%5.02%
Growth Rate-6.13%-5.13%-4.13%
Fair Value$635.37$771.51$914.25
Upside / Downside-76.38%-71.32%-66.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,518.308,081.107,666.337,272.856,899.576,545.456,741.81
Payout Ratio85.28%86.23%87.17%88.11%89.06%90.00%92.50%
Projected Dividends (M)7,264.656,968.036,682.726,408.346,144.525,890.906,236.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.02%5.02%5.02%
Growth Rate-6.13%-5.13%-4.13%
Year 1 PV (M)6,565.016,634.956,704.88
Year 2 PV (M)5,932.036,059.106,187.51
Year 3 PV (M)5,359.465,532.585,709.39
Year 4 PV (M)4,841.605,051.245,267.61
Year 5 PV (M)4,373.294,611.264,859.47
PV of Terminal Value (M)229,176.19241,646.52254,653.87
Equity Value (M)256,247.59269,535.64283,382.74
Shares Outstanding (M)90.2790.2790.27
Fair Value$2,838.61$2,985.81$3,139.20
Upside / Downside5.52%11.00%16.70%

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