Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jindo.Co., Ltd. (088790.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$686.76 - $914.05$804.54
Multi-Stage$2,262.85 - $2,517.67$2,387.49
Blended Fair Value$1,596.01
Current Price$1,903.00
Upside-16.13%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-19.72%0.00%49.6569.5039.710.0099.29148.92268.05198.56148.940.00
YoY Growth---28.57%75.01%0.00%-100.00%-33.33%-44.44%35.00%33.32%0.00%0.00%
Dividend Yield--2.86%3.21%1.41%0.00%1.66%6.93%6.02%3.64%2.81%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,184.38
(-) Cash Dividends Paid (M)374.04
(=) Cash Retained (M)1,810.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)436.88273.05163.83
Cash Retained (M)1,810.341,810.341,810.34
(-) Cash Required (M)-436.88-273.05-163.83
(=) Excess Retained (M)1,373.461,537.291,646.51
(/) Shares Outstanding (M)12.5512.5512.55
(=) Excess Retained per Share109.40122.45131.15
LTM Dividend per Share29.7929.7929.79
(+) Excess Retained per Share109.40122.45131.15
(=) Adjusted Dividend139.20152.25160.95
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-11.59%-10.59%-9.59%
Fair Value$686.76$804.54$914.05
Upside / Downside-63.91%-57.72%-51.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,184.381,953.151,746.401,561.541,396.241,248.441,285.90
Payout Ratio17.12%31.70%46.27%60.85%75.42%90.00%92.50%
Projected Dividends (M)374.04619.13808.13950.191,053.111,123.601,189.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-11.59%-10.59%-9.59%
Year 1 PV (M)575.73582.24588.76
Year 2 PV (M)698.82714.71730.79
Year 3 PV (M)764.06790.28817.10
Year 4 PV (M)787.47823.70861.18
Year 5 PV (M)781.29826.48873.74
PV of Terminal Value (M)24,800.8926,235.5127,735.76
Equity Value (M)28,408.2529,972.9331,607.32
Shares Outstanding (M)12.5512.5512.55
Fair Value$2,262.85$2,387.49$2,517.67
Upside / Downside18.91%25.46%32.30%

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