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SAMWONSTEEL Co.,Ltd. (023000.KS)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$2,827.12 - $4,684.89$3,649.14
Multi-Stage$5,721.19 - $6,291.66$6,000.88
Blended Fair Value$4,825.01
Current Price$2,560.00
Upside88.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.01%-0.93%109.67104.68104.68104.68115.07115.40115.40125.44125.44120.42
YoY Growth--4.76%0.00%0.00%-9.03%-0.28%0.00%-8.00%0.00%4.17%0.00%
Dividend Yield--4.71%3.65%3.45%3.24%3.20%6.11%3.81%3.90%3.44%3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9,832.81
(-) Cash Dividends Paid (M)4,371.40
(=) Cash Retained (M)5,461.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,966.561,229.10737.46
Cash Retained (M)5,461.425,461.425,461.42
(-) Cash Required (M)-1,966.56-1,229.10-737.46
(=) Excess Retained (M)3,494.864,232.324,723.96
(/) Shares Outstanding (M)39.8639.8639.86
(=) Excess Retained per Share87.68106.18118.51
LTM Dividend per Share109.67109.67109.67
(+) Excess Retained per Share87.68106.18118.51
(=) Adjusted Dividend197.34215.84228.18
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-0.59%0.41%1.41%
Fair Value$2,827.12$3,649.14$4,684.89
Upside / Downside10.43%42.54%83.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9,832.819,873.179,913.699,954.389,995.2410,036.2610,337.35
Payout Ratio44.46%53.57%62.67%71.78%80.89%90.00%92.50%
Projected Dividends (M)4,371.405,288.646,213.347,145.548,085.299,032.639,562.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-0.59%0.41%1.41%
Year 1 PV (M)4,923.354,972.885,022.41
Year 2 PV (M)5,384.675,493.555,603.52
Year 3 PV (M)5,764.835,940.566,119.82
Year 4 PV (M)6,072.456,320.506,576.08
Year 5 PV (M)6,315.396,639.496,976.76
PV of Terminal Value (M)199,590.55209,833.27220,492.25
Equity Value (M)228,051.25239,200.25250,790.83
Shares Outstanding (M)39.8639.8639.86
Fair Value$5,721.19$6,000.88$6,291.66
Upside / Downside123.48%134.41%145.77%

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