Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hankook & Company Co., Ltd. (000240.KS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$265,600.54 - $649,236.75$608,429.92
Multi-Stage$94,370.57 - $103,301.51$98,753.96
Blended Fair Value$353,591.94
Current Price$23,000.00
Upside1,437.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS25.66%12.10%910.04650.01601.40484.11338.85290.44290.44293.47337.01290.44
YoY Growth--40.01%8.08%24.23%42.87%16.67%0.00%-1.03%-12.92%16.04%0.04%
Dividend Yield--6.01%4.15%5.03%3.30%1.83%3.40%1.83%1.57%1.73%1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)309,193.39
(-) Cash Dividends Paid (M)103,237.31
(=) Cash Retained (M)205,956.08
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)61,838.6838,649.1723,189.50
Cash Retained (M)205,956.08205,956.08205,956.08
(-) Cash Required (M)-61,838.68-38,649.17-23,189.50
(=) Excess Retained (M)144,117.40167,306.91182,766.58
(/) Shares Outstanding (M)94.7194.7194.71
(=) Excess Retained per Share1,521.631,766.471,929.70
LTM Dividend per Share1,090.011,090.011,090.01
(+) Excess Retained per Share1,521.631,766.471,929.70
(=) Adjusted Dividend2,611.642,856.483,019.71
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Fair Value$265,600.54$608,429.92$649,236.75
Upside / Downside1,054.78%2,545.35%2,722.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)309,193.39329,290.96350,694.88373,490.04397,766.90423,621.74436,330.40
Payout Ratio33.39%44.71%56.03%67.36%78.68%90.00%92.50%
Projected Dividends (M)103,237.31147,230.56196,506.76251,566.81312,954.43381,259.57403,605.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)136,898.54138,196.16139,493.78
Year 2 PV (M)169,894.45173,130.47176,397.01
Year 3 PV (M)202,234.81208,040.24213,955.73
Year 4 PV (M)233,929.25242,925.50252,178.78
Year 5 PV (M)264,987.28277,786.26291,075.09
PV of Terminal Value (M)7,930,127.848,313,155.988,710,843.51
Equity Value (M)8,938,072.179,353,234.619,783,943.89
Shares Outstanding (M)94.7194.7194.71
Fair Value$94,370.57$98,753.96$103,301.51
Upside / Downside310.31%329.37%349.14%

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