Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hwaseung Corporation Co.,Ltd. (013520.KS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$128,211.14 - $151,131.03$141,596.36
Multi-Stage$96,556.53 - $106,252.16$101,311.30
Blended Fair Value$121,453.83
Current Price$2,075.00
Upside5,753.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.84%7.48%66.8766.8733.4433.4438.8041.8242.8676.8165.0232.51
YoY Growth--0.00%100.00%-0.01%-13.81%-7.24%-2.43%-44.20%18.12%100.00%0.00%
Dividend Yield--4.13%3.47%1.69%1.74%2.15%2.84%2.04%3.35%1.68%0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35,735.44
(-) Cash Dividends Paid (M)4,754.70
(=) Cash Retained (M)30,980.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,147.094,466.932,680.16
Cash Retained (M)30,980.7330,980.7330,980.73
(-) Cash Required (M)-7,147.09-4,466.93-2,680.16
(=) Excess Retained (M)23,833.6526,513.8028,300.58
(/) Shares Outstanding (M)45.8045.8045.80
(=) Excess Retained per Share520.38578.90617.91
LTM Dividend per Share103.81103.81103.81
(+) Excess Retained per Share520.38578.90617.91
(=) Adjusted Dividend624.19682.71721.72
WACC / Discount Rate-1.97%-1.97%-1.97%
Growth Rate2.70%3.70%4.70%
Fair Value$128,211.14$141,596.36$151,131.03
Upside / Downside6,078.85%6,723.92%7,183.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35,735.4437,058.1938,429.9239,852.4141,327.5642,857.3244,143.04
Payout Ratio13.31%28.64%43.98%59.32%74.66%90.00%92.50%
Projected Dividends (M)4,754.7010,615.0316,902.7023,641.2930,855.6038,571.5940,832.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.97%-1.97%-1.97%
Growth Rate2.70%3.70%4.70%
Year 1 PV (M)10,724.0510,828.4710,932.89
Year 2 PV (M)17,251.6517,589.2417,930.10
Year 3 PV (M)24,377.1625,096.2025,829.23
Year 4 PV (M)32,142.7633,413.0534,720.63
Year 5 PV (M)40,593.2742,608.4044,702.79
PV of Terminal Value (M)4,297,248.434,510,572.964,732,286.53
Equity Value (M)4,422,337.314,640,108.324,866,402.16
Shares Outstanding (M)45.8045.8045.80
Fair Value$96,556.53$101,311.30$106,252.16
Upside / Downside4,553.33%4,782.47%5,020.59%

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