Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hojeon Limited (111110.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$311,960.23 - $367,614.49$344,474.97
Multi-Stage$197,278.80 - $216,725.64$206,818.72
Blended Fair Value$275,646.84
Current Price$7,930.00
Upside3,376.00%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.39%0.00%294.25294.25236.72172.68215.85215.85129.520.000.000.00
YoY Growth--0.00%24.31%37.09%-20.00%0.00%66.65%0.00%0.00%0.00%0.00%
Dividend Yield--3.68%4.17%2.98%1.42%2.13%1.93%1.01%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)17,618.42
(-) Cash Dividends Paid (M)3,551.41
(=) Cash Retained (M)14,067.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,523.682,202.301,321.38
Cash Retained (M)14,067.0114,067.0114,067.01
(-) Cash Required (M)-3,523.68-2,202.30-1,321.38
(=) Excess Retained (M)10,543.3311,864.7112,745.63
(/) Shares Outstanding (M)9.439.439.43
(=) Excess Retained per Share1,117.681,257.751,351.14
LTM Dividend per Share376.48376.48376.48
(+) Excess Retained per Share1,117.681,257.751,351.14
(=) Adjusted Dividend1,494.151,634.231,727.62
WACC / Discount Rate2.91%2.91%2.91%
Growth Rate4.39%5.39%6.39%
Fair Value$311,960.23$344,474.97$367,614.49
Upside / Downside3,833.92%4,243.95%4,535.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)17,618.4218,568.6819,570.1920,625.7121,738.1722,910.6323,597.95
Payout Ratio20.16%34.13%48.09%62.06%76.03%90.00%92.50%
Projected Dividends (M)3,551.416,336.739,412.1712,800.9316,527.8520,619.5721,828.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.91%2.91%2.91%
Growth Rate4.39%5.39%6.39%
Year 1 PV (M)6,099.396,157.816,216.24
Year 2 PV (M)8,720.318,888.179,057.64
Year 3 PV (M)11,415.7511,746.9612,084.52
Year 4 PV (M)14,187.3314,738.8015,306.19
Year 5 PV (M)17,036.6717,868.4418,732.38
PV of Terminal Value (M)1,803,520.801,891,572.501,983,030.19
Equity Value (M)1,860,980.251,950,972.682,044,427.16
Shares Outstanding (M)9.439.439.43
Fair Value$197,278.80$206,818.72$216,725.64
Upside / Downside2,387.75%2,508.05%2,632.98%

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