Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Daol Investment & Securities Co., Ltd. (030210.KS)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$14,897.74 - $38,477.94$36,059.46
Multi-Stage$5,707.19 - $6,235.13$5,966.36
Blended Fair Value$21,012.91
Current Price$3,585.00
Upside486.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%59.44%180.52228.48957.15399.54443.020.000.000.000.000.00
YoY Growth---20.99%-76.13%139.57%-9.82%0.00%0.00%-100.00%0.00%0.00%-100.00%
Dividend Yield--5.18%7.17%17.79%7.60%9.20%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12,799.25
(-) Cash Dividends Paid (M)11,358.17
(=) Cash Retained (M)1,441.08
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,559.851,599.91959.94
Cash Retained (M)1,441.081,441.081,441.08
(-) Cash Required (M)-2,559.85-1,599.91-959.94
(=) Excess Retained (M)-1,118.77-158.83481.13
(/) Shares Outstanding (M)66.1566.1566.15
(=) Excess Retained per Share-16.91-2.407.27
LTM Dividend per Share171.69171.69171.69
(+) Excess Retained per Share-16.91-2.407.27
(=) Adjusted Dividend154.78169.29178.97
WACC / Discount Rate6.60%6.60%6.60%
Growth Rate5.50%6.50%7.50%
Fair Value$14,897.74$36,059.46$38,477.94
Upside / Downside315.56%905.84%973.30%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12,799.2513,631.2014,517.2315,460.8516,465.8017,536.0818,062.16
Payout Ratio88.74%88.99%89.24%89.50%89.75%90.00%92.50%
Projected Dividends (M)11,358.1712,130.7812,955.8313,836.9014,777.7615,782.4716,707.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.60%6.60%6.60%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)11,273.2811,380.1311,486.99
Year 2 PV (M)11,188.9311,402.0411,617.17
Year 3 PV (M)11,105.1211,423.9111,748.74
Year 4 PV (M)11,021.8511,445.7211,881.70
Year 5 PV (M)10,939.1211,467.4912,016.07
PV of Terminal Value (M)322,022.44337,576.25353,725.33
Equity Value (M)377,550.74394,695.53412,476.00
Shares Outstanding (M)66.1566.1566.15
Fair Value$5,707.19$5,966.36$6,235.13
Upside / Downside59.20%66.43%73.92%

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