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Chokwang Paint Co., Ltd. (004910.KS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$6,225.98 - $13,362.89$8,876.93
Multi-Stage$8,597.79 - $9,429.50$9,005.78
Blended Fair Value$8,941.36
Current Price$5,520.00
Upside61.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.12%-0.33%185.1592.5792.13184.27191.3295.65239.13382.60239.15191.29
YoY Growth--100.00%0.48%-50.00%-3.69%100.02%-60.00%-37.50%59.99%25.02%0.00%
Dividend Yield--3.45%1.55%1.28%2.11%2.71%2.25%3.42%4.28%2.07%1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,714.36
(-) Cash Dividends Paid (M)2,046.91
(=) Cash Retained (M)1,667.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)742.87464.29278.58
Cash Retained (M)1,667.441,667.441,667.44
(-) Cash Required (M)-742.87-464.29-278.58
(=) Excess Retained (M)924.571,203.151,388.87
(/) Shares Outstanding (M)10.9810.9810.98
(=) Excess Retained per Share84.23109.61126.53
LTM Dividend per Share186.48186.48186.48
(+) Excess Retained per Share84.23109.61126.53
(=) Adjusted Dividend270.71296.09313.01
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate2.05%3.05%4.05%
Fair Value$6,225.98$8,876.93$13,362.89
Upside / Downside12.79%60.81%142.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,714.363,827.663,944.414,064.734,188.724,316.494,445.98
Payout Ratio55.11%62.09%69.06%76.04%83.02%90.00%92.50%
Projected Dividends (M)2,046.912,376.462,724.203,090.953,477.543,884.844,112.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate2.05%3.05%4.05%
Year 1 PV (M)2,210.022,231.682,253.33
Year 2 PV (M)2,355.982,402.382,449.23
Year 3 PV (M)2,485.942,559.742,634.98
Year 4 PV (M)2,600.972,704.432,810.95
Year 5 PV (M)2,702.112,837.122,977.47
PV of Terminal Value (M)82,018.5986,116.6690,376.92
Equity Value (M)94,373.6198,852.00103,502.88
Shares Outstanding (M)10.9810.9810.98
Fair Value$8,597.79$9,005.78$9,429.50
Upside / Downside55.76%63.15%70.82%

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