Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Samsung Engineering Co., Ltd. (028050.KS)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$25,275.69 - $38,708.93$31,548.69
Multi-Stage$42,560.68 - $46,784.18$44,631.53
Blended Fair Value$38,090.11
Current Price$26,800.00
Upside42.13%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.980.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)555,711.42
(-) Cash Dividends Paid (M)129,555.99
(=) Cash Retained (M)426,155.43
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)111,142.2869,463.9341,678.36
Cash Retained (M)426,155.43426,155.43426,155.43
(-) Cash Required (M)-111,142.28-69,463.93-41,678.36
(=) Excess Retained (M)315,013.15356,691.50384,477.07
(/) Shares Outstanding (M)200.30200.30200.30
(=) Excess Retained per Share1,572.681,780.751,919.47
LTM Dividend per Share646.80646.80646.80
(+) Excess Retained per Share1,572.681,780.751,919.47
(=) Adjusted Dividend2,219.472,427.552,566.27
WACC / Discount Rate7.83%7.83%7.83%
Growth Rate-0.87%0.13%1.13%
Fair Value$25,275.69$31,548.69$38,708.93
Upside / Downside-5.69%17.72%44.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)555,711.42556,407.50557,104.45557,802.28558,500.97559,200.55575,976.56
Payout Ratio23.31%36.65%49.99%63.33%76.66%90.00%92.50%
Projected Dividends (M)129,555.99203,927.97278,486.05353,230.61428,161.97503,280.49532,778.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.83%7.83%7.83%
Growth Rate-0.87%0.13%1.13%
Year 1 PV (M)187,231.89189,120.73191,009.58
Year 2 PV (M)234,752.12239,512.49244,320.64
Year 3 PV (M)273,380.44281,737.98290,264.14
Year 4 PV (M)304,242.76316,706.89329,550.13
Year 5 PV (M)328,341.14345,240.62362,828.89
PV of Terminal Value (M)7,197,114.697,567,544.987,953,073.26
Equity Value (M)8,525,063.058,939,863.699,371,046.63
Shares Outstanding (M)200.30200.30200.30
Fair Value$42,560.68$44,631.53$46,784.18
Upside / Downside58.81%66.54%74.57%

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