Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Samyang Packaging Corporation (272550.KS)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$7,448.58 - $11,007.23$9,152.59
Multi-Stage$13,884.74 - $15,247.68$14,552.99
Blended Fair Value$11,852.79
Current Price$13,410.00
Upside-11.61%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS2.13%0.00%507.41761.11913.33913.33685.00456.660.000.000.000.00
YoY Growth---33.33%-16.67%0.00%33.33%50.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.67%4.23%4.82%3.97%2.74%3.29%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14,664.31
(-) Cash Dividends Paid (M)7,665.49
(=) Cash Retained (M)6,998.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,932.861,833.041,099.82
Cash Retained (M)6,998.826,998.826,998.82
(-) Cash Required (M)-2,932.86-1,833.04-1,099.82
(=) Excess Retained (M)4,065.965,165.785,899.00
(/) Shares Outstanding (M)15.5615.5615.56
(=) Excess Retained per Share261.34332.03379.16
LTM Dividend per Share492.70492.70492.70
(+) Excess Retained per Share261.34332.03379.16
(=) Adjusted Dividend754.03824.72871.85
WACC / Discount Rate7.92%7.92%7.92%
Growth Rate-2.00%-1.00%0.00%
Fair Value$7,448.58$9,152.59$11,007.23
Upside / Downside-44.46%-31.75%-17.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14,664.3114,517.6614,372.4914,228.7614,086.4713,945.6114,363.98
Payout Ratio52.27%59.82%67.36%74.91%82.45%90.00%92.50%
Projected Dividends (M)7,665.498,684.249,681.8610,658.6611,614.9512,551.0513,286.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.92%7.92%7.92%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)7,965.598,046.878,128.15
Year 2 PV (M)8,145.758,312.838,481.62
Year 3 PV (M)8,225.478,479.858,739.42
Year 4 PV (M)8,221.708,562.458,913.68
Year 5 PV (M)8,149.118,573.459,015.29
PV of Terminal Value (M)175,314.62184,443.66193,949.10
Equity Value (M)216,022.24226,419.12237,227.26
Shares Outstanding (M)15.5615.5615.56
Fair Value$13,884.74$14,552.99$15,247.68
Upside / Downside3.54%8.52%13.70%

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