Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

COWAY Co., Ltd. (021240.KS)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$229,357.40 - $848,891.49$384,187.40
Multi-Stage$155,131.61 - $169,610.20$162,238.68
Blended Fair Value$273,213.04
Current Price$98,500.00
Upside177.37%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-17.73%-2.30%1,363.731,313.221,262.571,212.070.003,618.343,214.205,696.732,896.042,065.17
YoY Growth--3.85%4.01%4.17%0.00%-100.00%12.57%-43.58%96.71%40.23%20.01%
Dividend Yield--1.68%2.30%2.40%1.77%0.00%6.26%3.37%6.34%3.01%2.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)574,642.38
(-) Cash Dividends Paid (M)189,121.02
(=) Cash Retained (M)385,521.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)114,928.4871,830.3043,098.18
Cash Retained (M)385,521.36385,521.36385,521.36
(-) Cash Required (M)-114,928.48-71,830.30-43,098.18
(=) Excess Retained (M)270,592.88313,691.06342,423.18
(/) Shares Outstanding (M)71.8371.8371.83
(=) Excess Retained per Share3,766.964,366.934,766.92
LTM Dividend per Share2,632.782,632.782,632.78
(+) Excess Retained per Share3,766.964,366.934,766.92
(=) Adjusted Dividend6,399.746,999.717,399.70
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate5.15%6.15%7.15%
Fair Value$229,357.40$384,187.40$848,891.49
Upside / Downside132.85%290.04%761.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)574,642.38609,990.34647,512.67687,343.10729,623.62774,504.94797,740.09
Payout Ratio32.91%44.33%55.75%67.16%78.58%90.00%92.50%
Projected Dividends (M)189,121.02270,401.80360,966.61461,650.09573,354.41697,054.45737,909.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate5.15%6.15%7.15%
Year 1 PV (M)247,817.61250,174.39252,531.16
Year 2 PV (M)303,188.16308,982.28314,831.25
Year 3 PV (M)355,369.97365,605.51376,035.74
Year 4 PV (M)404,495.37420,103.44436,158.91
Year 5 PV (M)450,691.85472,533.99495,214.89
PV of Terminal Value (M)9,382,044.719,836,732.3110,308,880.13
Equity Value (M)11,143,607.6611,654,131.9312,183,652.07
Shares Outstanding (M)71.8371.8371.83
Fair Value$155,131.61$162,238.68$169,610.20
Upside / Downside57.49%64.71%72.19%

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