Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Harim Holdings Co., Ltd. (003380.KQ)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$48,505.39 - $241,439.23$101,699.02
Multi-Stage$26,618.90 - $29,103.81$27,838.69
Blended Fair Value$64,768.86
Current Price$7,340.00
Upside782.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS26.34%0.00%389.69579.12450.75228.9982.13121.06194.1588.384.230.00
YoY Growth---32.71%28.48%96.84%178.82%-32.16%-37.65%119.68%1,991.35%0.00%0.00%
Dividend Yield--6.97%8.53%2.81%2.18%0.89%2.37%1.64%0.61%0.02%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)118,104.00
(-) Cash Dividends Paid (M)43,482.00
(=) Cash Retained (M)74,622.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23,620.8014,763.008,857.80
Cash Retained (M)74,622.0074,622.0074,622.00
(-) Cash Required (M)-23,620.80-14,763.00-8,857.80
(=) Excess Retained (M)51,001.2059,859.0065,764.20
(/) Shares Outstanding (M)97.2897.2897.28
(=) Excess Retained per Share524.26615.31676.01
LTM Dividend per Share446.96446.96446.96
(+) Excess Retained per Share524.26615.31676.01
(=) Adjusted Dividend971.221,062.271,122.97
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate5.50%6.50%7.50%
Fair Value$48,505.39$101,699.02$241,439.23
Upside / Downside560.84%1,285.55%3,189.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)118,104.00125,780.76133,956.51142,663.68151,936.82161,812.72166,667.10
Payout Ratio36.82%47.45%58.09%68.73%79.36%90.00%92.50%
Projected Dividends (M)43,482.0059,687.2077,815.3798,048.01120,582.14145,631.44154,167.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)54,944.1855,464.9755,985.77
Year 2 PV (M)65,939.6067,195.5668,463.37
Year 3 PV (M)76,482.1778,677.6980,914.84
Year 4 PV (M)86,585.4389,915.2693,340.22
Year 5 PV (M)96,262.57100,912.08105,739.55
PV of Terminal Value (M)2,209,352.952,316,065.532,426,862.24
Equity Value (M)2,589,566.882,708,231.102,831,306.00
Shares Outstanding (M)97.2897.2897.28
Fair Value$26,618.90$27,838.69$29,103.81
Upside / Downside262.66%279.27%296.51%

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