Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shinil Electronics Co.,Ltd (002700.KS)

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

Valuation Snapshot

Stable Growth$377.83 - $638.05$491.52
Multi-Stage$1,427.13 - $1,575.52$1,499.84
Blended Fair Value$995.68
Current Price$1,285.00
Upside-22.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.70%0.00%15.2810.1925.4720.2520.4225.450.000.000.000.00
YoY Growth--50.00%-60.00%25.74%-0.81%-19.77%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.04%0.54%1.21%0.90%0.93%1.59%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,207.12
(-) Cash Dividends Paid (M)689.02
(=) Cash Retained (M)1,518.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)441.42275.89165.53
Cash Retained (M)1,518.101,518.101,518.10
(-) Cash Required (M)-441.42-275.89-165.53
(=) Excess Retained (M)1,076.681,242.211,352.57
(/) Shares Outstanding (M)69.0069.0069.00
(=) Excess Retained per Share15.6018.0019.60
LTM Dividend per Share9.999.999.99
(+) Excess Retained per Share15.6018.0019.60
(=) Adjusted Dividend25.5927.9929.59
WACC / Discount Rate4.64%4.64%4.64%
Growth Rate-2.00%-1.00%0.00%
Fair Value$377.83$491.52$638.05
Upside / Downside-70.60%-61.75%-50.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,207.122,185.052,163.202,141.572,120.152,098.952,161.92
Payout Ratio31.22%42.97%54.73%66.49%78.24%90.00%92.50%
Projected Dividends (M)689.02939.011,183.941,423.871,658.881,889.051,999.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.64%4.64%4.64%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)888.33897.40906.46
Year 2 PV (M)1,059.591,081.331,103.28
Year 3 PV (M)1,205.551,242.831,280.88
Year 4 PV (M)1,328.731,383.801,440.56
Year 5 PV (M)1,431.431,505.971,583.58
PV of Terminal Value (M)92,562.8397,382.79102,401.48
Equity Value (M)98,476.46103,494.11108,716.24
Shares Outstanding (M)69.0069.0069.00
Fair Value$1,427.13$1,499.84$1,575.52
Upside / Downside11.06%16.72%22.61%

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