Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

DB Securities Co., Ltd. (016610.KS)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$194,754.55 - $261,877.00$245,392.78
Multi-Stage$67,665.89 - $74,257.26$70,899.76
Blended Fair Value$158,146.27
Current Price$8,290.00
Upside1,807.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.69%31.92%212.27181.93527.11321.61270.23269.94116.0713.3013.30116.07
YoY Growth--16.68%-65.49%63.90%19.02%0.11%132.57%772.93%0.00%-88.54%772.93%
Dividend Yield--3.98%4.34%13.13%4.81%4.47%8.95%2.38%0.32%0.37%2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)53,641.90
(-) Cash Dividends Paid (M)16,222.35
(=) Cash Retained (M)37,419.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,728.386,705.244,023.14
Cash Retained (M)37,419.5537,419.5537,419.55
(-) Cash Required (M)-10,728.38-6,705.24-4,023.14
(=) Excess Retained (M)26,691.1730,714.3133,396.41
(/) Shares Outstanding (M)40.3140.3140.31
(=) Excess Retained per Share662.13761.93828.46
LTM Dividend per Share402.43402.43402.43
(+) Excess Retained per Share662.13761.93828.46
(=) Adjusted Dividend1,064.551,164.361,230.89
WACC / Discount Rate4.95%4.95%4.95%
Growth Rate4.38%5.38%6.38%
Fair Value$194,754.55$245,392.78$261,877.00
Upside / Downside2,249.27%2,860.11%3,058.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53,641.9056,526.2359,565.6462,768.4966,143.5669,700.1071,791.10
Payout Ratio30.24%42.19%54.15%66.10%78.05%90.00%92.50%
Projected Dividends (M)16,222.3523,850.4232,251.9141,487.9551,623.9862,730.0966,406.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.95%4.95%4.95%
Growth Rate4.38%5.38%6.38%
Year 1 PV (M)22,510.3822,726.0422,941.70
Year 2 PV (M)28,729.5629,282.6929,841.10
Year 3 PV (M)34,880.4535,892.6236,924.18
Year 4 PV (M)40,963.6242,556.1544,194.68
Year 5 PV (M)46,979.6149,273.6251,656.39
PV of Terminal Value (M)2,553,633.102,678,326.992,807,845.05
Equity Value (M)2,727,696.712,858,058.122,993,403.10
Shares Outstanding (M)40.3140.3140.31
Fair Value$67,665.89$70,899.76$74,257.26
Upside / Downside716.24%755.24%795.75%

High-Yield Dividend Screener

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