Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hanil Hyundai Cement Co., Ltd (006390.KS)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$60,910.27 - $158,205.96$92,540.79
Multi-Stage$73,620.19 - $80,786.06$77,135.46
Blended Fair Value$84,838.12
Current Price$19,090.00
Upside344.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.18%0.00%699.97599.981,103.53957.31870.28693.630.000.000.000.00
YoY Growth--16.67%-45.63%15.27%10.00%25.47%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.98%4.01%6.21%2.81%1.98%3.02%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)52,493.56
(-) Cash Dividends Paid (M)17,394.13
(=) Cash Retained (M)35,099.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,498.716,561.703,937.02
Cash Retained (M)35,099.4435,099.4435,099.44
(-) Cash Required (M)-10,498.71-6,561.70-3,937.02
(=) Excess Retained (M)24,600.7328,537.7431,162.42
(/) Shares Outstanding (M)19.3319.3319.33
(=) Excess Retained per Share1,272.841,476.541,612.34
LTM Dividend per Share899.97899.97899.97
(+) Excess Retained per Share1,272.841,476.541,612.34
(=) Adjusted Dividend2,172.802,376.502,512.30
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate2.65%3.65%4.65%
Fair Value$60,910.27$92,540.79$158,205.96
Upside / Downside219.07%384.76%728.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)52,493.5654,411.8756,400.2758,461.3360,597.7262,812.1764,696.54
Payout Ratio33.14%44.51%55.88%67.25%78.63%90.00%92.50%
Projected Dividends (M)17,394.1324,217.9531,517.2839,317.7647,646.2656,530.9659,844.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate2.65%3.65%4.65%
Year 1 PV (M)22,559.4022,779.1622,998.92
Year 2 PV (M)27,348.2227,883.6328,424.24
Year 3 PV (M)31,780.3832,718.2233,674.32
Year 4 PV (M)35,874.7837,293.2338,753.33
Year 5 PV (M)39,649.4341,618.6443,665.32
PV of Terminal Value (M)1,265,682.101,328,542.681,393,876.42
Equity Value (M)1,422,894.311,490,835.561,561,392.55
Shares Outstanding (M)19.3319.3319.33
Fair Value$73,620.19$77,135.46$80,786.06
Upside / Downside285.65%304.06%323.19%

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