Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hanatour Service Inc. (039130.KS)

Company Dividend Discount ModelIndustry: Travel ServicesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$320,787.62 - $872,088.77$817,274.89
Multi-Stage$124,407.84 - $136,060.99$130,127.80
Blended Fair Value$473,701.35
Current Price$50,200.00
Upside843.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS39.69%18.72%5,077.6317.8722.76191.90481.15954.561,171.681,101.651,089.251,038.36
YoY Growth--28,314.02%-21.47%-88.14%-60.12%-49.59%-18.53%6.36%1.14%4.90%13.75%
Dividend Yield--9.44%0.03%0.04%0.23%0.74%2.67%1.67%0.95%1.42%1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)67,933.03
(-) Cash Dividends Paid (M)37,487.52
(=) Cash Retained (M)30,445.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13,586.618,491.635,094.98
Cash Retained (M)30,445.5130,445.5130,445.51
(-) Cash Required (M)-13,586.61-8,491.63-5,094.98
(=) Excess Retained (M)16,858.9021,953.8825,350.53
(/) Shares Outstanding (M)15.4915.4915.49
(=) Excess Retained per Share1,088.251,417.131,636.39
LTM Dividend per Share2,419.842,419.842,419.84
(+) Excess Retained per Share1,088.251,417.131,636.39
(=) Adjusted Dividend3,508.093,836.974,056.23
WACC / Discount Rate6.65%6.65%6.65%
Growth Rate5.50%6.50%7.50%
Fair Value$320,787.62$817,274.89$872,088.77
Upside / Downside539.02%1,528.04%1,637.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)67,933.0372,348.6877,051.3482,059.6887,393.5693,074.1495,866.36
Payout Ratio55.18%62.15%69.11%76.07%83.04%90.00%92.50%
Projected Dividends (M)37,487.5244,962.1353,250.0562,425.4472,568.6583,766.7288,676.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.65%6.65%6.65%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)41,761.2742,157.1142,552.95
Year 2 PV (M)45,938.1646,813.1647,696.40
Year 3 PV (M)50,019.8151,455.6952,918.80
Year 4 PV (M)54,007.7656,084.7558,221.07
Year 5 PV (M)57,903.5960,700.3563,604.16
PV of Terminal Value (M)1,677,664.491,758,696.311,842,829.41
Equity Value (M)1,927,295.082,015,907.382,107,822.80
Shares Outstanding (M)15.4915.4915.49
Fair Value$124,407.84$130,127.80$136,060.99
Upside / Downside147.82%159.22%171.04%

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