Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

HS Hwasung Co., Ltd. (002460.KS)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$80,470.37 - $214,530.70$123,247.54
Multi-Stage$91,582.23 - $100,542.89$95,977.86
Blended Fair Value$109,612.70
Current Price$10,070.00
Upside988.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-16.49%4.84%483.18483.181,279.20831.48639.601,189.651,138.49918.78665.18511.68
YoY Growth--0.00%-62.23%53.85%30.00%-46.24%4.49%23.91%38.13%30.00%69.82%
Dividend Yield--5.11%4.85%13.07%4.04%5.24%15.97%7.88%6.10%4.87%3.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)33,198.81
(-) Cash Dividends Paid (M)4,732.36
(=) Cash Retained (M)28,466.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,639.764,149.852,489.91
Cash Retained (M)28,466.4428,466.4428,466.44
(-) Cash Required (M)-6,639.76-4,149.85-2,489.91
(=) Excess Retained (M)21,826.6824,316.5925,976.53
(/) Shares Outstanding (M)9.479.479.47
(=) Excess Retained per Share2,305.552,568.562,743.90
LTM Dividend per Share499.88499.88499.88
(+) Excess Retained per Share2,305.552,568.562,743.90
(=) Adjusted Dividend2,805.433,068.443,243.78
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate2.84%3.84%4.84%
Fair Value$80,470.37$123,247.54$214,530.70
Upside / Downside699.11%1,123.91%2,030.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)33,198.8134,472.2035,794.4337,167.3738,592.9840,073.2741,275.47
Payout Ratio14.25%29.40%44.55%59.70%74.85%90.00%92.50%
Projected Dividends (M)4,732.3610,136.1015,947.4122,189.6128,887.2036,065.9438,179.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate2.84%3.84%4.84%
Year 1 PV (M)9,432.829,524.559,616.28
Year 2 PV (M)13,811.2014,081.1214,353.64
Year 3 PV (M)17,883.8818,410.6918,947.75
Year 4 PV (M)21,666.4822,521.6123,401.81
Year 5 PV (M)25,173.9226,421.9427,718.98
PV of Terminal Value (M)779,040.65817,662.47857,801.09
Equity Value (M)867,008.95908,622.38951,839.56
Shares Outstanding (M)9.479.479.47
Fair Value$91,582.23$95,977.86$100,542.89
Upside / Downside809.46%853.11%898.44%

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