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Definitive Analysis

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Korean Reinsurance Company (003690.KS)

Company Dividend Discount ModelIndustry: Insurance - ReinsuranceSector: Financial Services

Valuation Snapshot

Stable Growth$114,883.12 - $408,686.02$375,696.70
Multi-Stage$52,297.97 - $57,209.35$54,708.70
Blended Fair Value$215,202.70
Current Price$10,240.00
Upside2,001.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.50%14.97%449.94298.57303.78260.38377.72238.86194.98269.40285.31205.35
YoY Growth--50.70%-1.71%16.67%-31.06%58.13%22.51%-27.63%-5.58%38.94%84.16%
Dividend Yield--5.51%4.30%6.02%4.57%7.72%5.65%3.64%4.10%4.25%2.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)363,206.53
(-) Cash Dividends Paid (M)140,936.58
(=) Cash Retained (M)222,269.95
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)72,641.3145,400.8227,240.49
Cash Retained (M)222,269.95222,269.95222,269.95
(-) Cash Required (M)-72,641.31-45,400.82-27,240.49
(=) Excess Retained (M)149,628.65176,869.14195,029.46
(/) Shares Outstanding (M)176.74176.74176.74
(=) Excess Retained per Share846.591,000.711,103.46
LTM Dividend per Share797.41797.41797.41
(+) Excess Retained per Share846.591,000.711,103.46
(=) Adjusted Dividend1,643.991,798.121,900.87
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Fair Value$114,883.12$375,696.70$408,686.02
Upside / Downside1,021.91%3,568.91%3,891.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)363,206.53386,814.96411,957.93438,735.20467,252.98497,624.43512,553.16
Payout Ratio38.80%49.04%59.28%69.52%79.76%90.00%92.50%
Projected Dividends (M)140,936.58189,704.66244,217.13305,014.72372,684.18447,861.99474,111.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)175,613.39177,277.97178,942.56
Year 2 PV (M)209,283.69213,269.96217,293.83
Year 3 PV (M)241,968.98248,915.04255,992.78
Year 4 PV (M)273,690.35284,215.71295,041.77
Year 5 PV (M)304,468.50319,174.44334,443.21
PV of Terminal Value (M)8,038,314.528,426,568.128,829,681.09
Equity Value (M)9,243,339.449,669,421.2510,111,395.25
Shares Outstanding (M)176.74176.74176.74
Fair Value$52,297.97$54,708.70$57,209.35
Upside / Downside410.72%434.26%458.69%

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