Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

DB Securities Co., Ltd. (016610.KS)

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

Valuation Snapshot

Stable Growth$20,188.41 - $37,369.35$27,242.25
Multi-Stage$17,959.54 - $19,616.60$18,772.99
Blended Fair Value$23,007.62
Current Price$8,290.00
Upside177.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.69%31.92%212.27181.93527.11321.61270.23269.94116.0713.3013.30116.07
YoY Growth--16.68%-65.49%63.90%19.02%0.11%132.57%772.93%0.00%-88.54%772.93%
Dividend Yield--3.98%4.34%13.13%4.81%4.47%8.95%2.38%0.32%0.37%2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)53,641.90
(-) Cash Dividends Paid (M)16,222.35
(=) Cash Retained (M)37,419.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,728.386,705.244,023.14
Cash Retained (M)37,419.5537,419.5537,419.55
(-) Cash Required (M)-10,728.38-6,705.24-4,023.14
(=) Excess Retained (M)26,691.1730,714.3133,396.41
(/) Shares Outstanding (M)40.3140.3140.31
(=) Excess Retained per Share662.13761.93828.46
LTM Dividend per Share402.43402.43402.43
(+) Excess Retained per Share662.13761.93828.46
(=) Adjusted Dividend1,064.551,164.361,230.89
WACC / Discount Rate9.88%9.88%9.88%
Growth Rate4.38%5.38%6.38%
Fair Value$20,188.41$27,242.25$37,369.35
Upside / Downside143.53%228.62%350.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53,641.9056,526.2359,565.6462,768.4966,143.5669,700.1071,791.10
Payout Ratio30.24%42.19%54.15%66.10%78.05%90.00%92.50%
Projected Dividends (M)16,222.3523,850.4232,251.9141,487.9551,623.9862,730.0966,406.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.88%9.88%9.88%
Growth Rate4.38%5.38%6.38%
Year 1 PV (M)21,499.7221,705.7021,911.68
Year 2 PV (M)26,207.7126,712.2827,221.68
Year 3 PV (M)30,390.1131,271.9732,170.74
Year 4 PV (M)34,087.7635,412.9936,776.48
Year 5 PV (M)37,338.7439,161.9941,055.78
PV of Terminal Value (M)574,447.62602,497.89631,633.38
Equity Value (M)723,971.65756,762.83790,769.73
Shares Outstanding (M)40.3140.3140.31
Fair Value$17,959.54$18,772.99$19,616.60
Upside / Downside116.64%126.45%136.63%

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