Definitive Analysis
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Samho Development Co., Ltd. (010960.KS)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$10,418.82 - $17,801.22$13,618.57
Multi-Stage$19,375.92 - $21,310.65$20,324.55
Blended Fair Value$16,971.56
Current Price$3,400.00
Upside399.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.01%0.00%189.66189.66189.66195.09201.46171.68176.19145.09100.45103.95
YoY Growth--0.00%0.00%-2.78%-3.16%17.34%-2.56%21.43%44.44%-3.37%0.00%
Dividend Yield--6.26%5.72%5.47%3.79%3.89%4.46%3.47%2.71%2.33%2.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)18,844.74
(-) Cash Dividends Paid (M)5,354.00
(=) Cash Retained (M)13,490.74
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,768.952,355.591,413.36
Cash Retained (M)13,490.7413,490.7413,490.74
(-) Cash Required (M)-3,768.95-2,355.59-1,413.36
(=) Excess Retained (M)9,721.7911,135.1512,077.38
(/) Shares Outstanding (M)22.4022.4022.40
(=) Excess Retained per Share434.02497.12539.18
LTM Dividend per Share239.02239.02239.02
(+) Excess Retained per Share434.02497.12539.18
(=) Adjusted Dividend673.04736.14778.20
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-0.04%0.96%1.96%
Fair Value$10,418.82$13,618.57$17,801.22
Upside / Downside206.44%300.55%423.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)18,844.7419,026.0119,209.0219,393.7919,580.3419,768.6920,361.75
Payout Ratio28.41%40.73%53.05%65.36%77.68%90.00%92.50%
Projected Dividends (M)5,354.007,749.0810,189.7412,676.6515,210.4517,791.8218,834.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-0.04%0.96%1.96%
Year 1 PV (M)7,209.537,281.657,353.77
Year 2 PV (M)8,820.168,997.519,176.63
Year 3 PV (M)10,208.7810,518.2410,833.89
Year 4 PV (M)11,396.4111,859.3312,336.21
Year 5 PV (M)12,402.3313,035.2213,693.68
PV of Terminal Value (M)383,973.63403,567.76423,953.76
Equity Value (M)434,010.84455,259.71477,347.94
Shares Outstanding (M)22.4022.4022.40
Fair Value$19,375.92$20,324.55$21,310.65
Upside / Downside469.88%497.78%526.78%

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