Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Boryung Corporation (003850.KS)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$10,858.08 - $30,117.87$16,829.01
Multi-Stage$7,357.72 - $8,038.73$7,692.05
Blended Fair Value$12,260.53
Current Price$8,230.00
Upside48.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS21.82%20.35%95.1792.6492.6763.4559.1335.4895.6422.7721.8920.83
YoY Growth--2.73%-0.03%46.05%7.30%66.67%-62.90%320.12%3.99%5.12%39.48%
Dividend Yield--1.10%0.72%1.06%0.48%0.35%0.39%1.06%0.27%0.29%0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)31,800.53
(-) Cash Dividends Paid (M)8,396.29
(=) Cash Retained (M)23,404.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,360.113,975.072,385.04
Cash Retained (M)23,404.2423,404.2423,404.24
(-) Cash Required (M)-6,360.11-3,975.07-2,385.04
(=) Excess Retained (M)17,044.1319,429.1721,019.20
(/) Shares Outstanding (M)71.1071.1071.10
(=) Excess Retained per Share239.73273.28295.64
LTM Dividend per Share118.10118.10118.10
(+) Excess Retained per Share239.73273.28295.64
(=) Adjusted Dividend357.83391.38413.74
WACC / Discount Rate8.98%8.98%8.98%
Growth Rate5.50%6.50%7.50%
Fair Value$10,858.08$16,829.01$30,117.87
Upside / Downside31.93%104.48%265.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)31,800.5333,867.5636,068.9638,413.4440,910.3143,569.4844,876.57
Payout Ratio26.40%39.12%51.84%64.56%77.28%90.00%92.50%
Projected Dividends (M)8,396.2913,249.8018,698.7924,800.1831,615.7339,212.5341,510.82

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.98%8.98%8.98%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)12,044.2112,158.3712,272.54
Year 2 PV (M)15,450.8215,745.1116,042.18
Year 3 PV (M)18,627.8019,162.5419,707.41
Year 4 PV (M)21,586.3422,416.4923,270.35
Year 5 PV (M)24,337.1425,512.6326,733.12
PV of Terminal Value (M)431,061.93451,882.38473,499.68
Equity Value (M)523,108.24546,877.53571,525.28
Shares Outstanding (M)71.1071.1071.10
Fair Value$7,357.72$7,692.05$8,038.73
Upside / Downside-10.60%-6.54%-2.32%

High-Yield Dividend Screener

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