Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

AJ Networks Co.,Ltd. (095570.KS)

Company Dividend Discount ModelIndustry: Rental & Leasing ServicesSector: Industrials

Valuation Snapshot

Stable Growth$5,675.65 - $8,937.42$7,170.01
Multi-Stage$14,138.97 - $15,573.68$14,842.17
Blended Fair Value$11,006.09
Current Price$4,245.00
Upside159.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.98%0.00%271.31270.20270.20213.77314.00104.6790.0162.800.000.00
YoY Growth--0.41%0.00%26.40%-31.92%200.00%16.28%43.33%0.00%0.00%0.00%
Dividend Yield--7.37%5.57%5.74%3.45%6.97%3.55%1.87%0.88%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)25,830.81
(-) Cash Dividends Paid (M)12,082.78
(=) Cash Retained (M)13,748.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,166.163,228.851,937.31
Cash Retained (M)13,748.0213,748.0213,748.02
(-) Cash Required (M)-5,166.16-3,228.85-1,937.31
(=) Excess Retained (M)8,581.8610,519.1711,810.71
(/) Shares Outstanding (M)44.7344.7344.73
(=) Excess Retained per Share191.84235.15264.02
LTM Dividend per Share270.10270.10270.10
(+) Excess Retained per Share191.84235.15264.02
(=) Adjusted Dividend461.94505.25534.12
WACC / Discount Rate5.98%5.98%5.98%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5,675.65$7,170.01$8,937.42
Upside / Downside33.70%68.90%110.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)25,830.8125,572.5025,316.7725,063.6124,812.9724,564.8425,301.79
Payout Ratio46.78%55.42%64.07%72.71%81.36%90.00%92.50%
Projected Dividends (M)12,082.7814,172.6116,219.4418,223.9120,186.6722,108.3623,404.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.98%5.98%5.98%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)13,238.3113,373.3913,508.48
Year 2 PV (M)14,151.4514,441.7314,734.95
Year 3 PV (M)14,852.1515,311.4615,780.15
Year 4 PV (M)15,367.2116,004.1116,660.60
Year 5 PV (M)15,720.6016,539.2117,391.57
PV of Terminal Value (M)559,169.97588,287.24618,605.05
Equity Value (M)632,499.68663,957.14696,680.80
Shares Outstanding (M)44.7344.7344.73
Fair Value$14,138.97$14,842.17$15,573.68
Upside / Downside233.07%249.64%266.87%

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