Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Grand Korea Leisure Co., Ltd. (114090.KS)

Company Dividend Discount ModelIndustry: Gambling, Resorts & CasinosSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$2,598.15 - $3,422.57$3,028.98
Multi-Stage$6,844.41 - $7,589.11$7,208.76
Blended Fair Value$5,118.87
Current Price$15,130.00
Upside-66.17%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.27%-9.96%413.020.000.000.00529.02710.03730.031,000.04831.041,002.04
YoY Growth--0.00%0.00%0.00%-100.00%-25.49%-2.74%-27.00%20.34%-17.07%-15.01%
Dividend Yield--3.86%0.00%0.00%0.00%3.18%5.26%3.23%3.89%3.79%4.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)44,596.66
(-) Cash Dividends Paid (M)17,443.28
(=) Cash Retained (M)27,153.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,919.335,574.583,344.75
Cash Retained (M)27,153.3727,153.3727,153.37
(-) Cash Required (M)-8,919.33-5,574.58-3,344.75
(=) Excess Retained (M)18,234.0421,578.7923,808.62
(/) Shares Outstanding (M)61.8561.8561.85
(=) Excess Retained per Share294.80348.87384.92
LTM Dividend per Share282.01282.01282.01
(+) Excess Retained per Share294.80348.87384.92
(=) Adjusted Dividend576.81630.88666.93
WACC / Discount Rate7.59%7.59%7.59%
Growth Rate-11.96%-10.96%-9.96%
Fair Value$2,598.15$3,028.98$3,422.57
Upside / Downside-82.83%-79.98%-77.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)44,596.6639,709.6135,358.1031,483.4528,033.3924,961.4025,710.24
Payout Ratio39.11%49.29%59.47%69.65%79.82%90.00%92.50%
Projected Dividends (M)17,443.2819,573.1621,026.7821,926.7722,377.0122,465.2623,781.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.59%7.59%7.59%
Growth Rate-11.96%-10.96%-9.96%
Year 1 PV (M)17,988.4618,192.7818,397.10
Year 2 PV (M)17,759.8318,165.5618,575.87
Year 3 PV (M)17,020.5517,607.1318,207.04
Year 4 PV (M)15,963.7116,701.4417,464.45
Year 5 PV (M)14,729.1115,584.8116,479.83
PV of Terminal Value (M)339,885.39359,631.42380,284.69
Equity Value (M)423,347.04445,883.13469,408.98
Shares Outstanding (M)61.8561.8561.85
Fair Value$6,844.41$7,208.76$7,589.11
Upside / Downside-54.76%-52.35%-49.84%

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