Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

HANDSOME Corp. (020000.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$304,832.55 - $359,144.39$336,570.89
Multi-Stage$202,257.55 - $221,936.05$211,913.20
Blended Fair Value$274,242.05
Current Price$16,840.00
Upside1,528.52%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.40%9.60%767.47767.47613.98460.48460.48409.32358.15306.99306.99306.99
YoY Growth--0.00%25.00%33.33%0.00%12.50%14.29%16.67%0.00%0.00%0.00%
Dividend Yield--5.01%3.75%2.36%1.29%1.13%2.10%0.81%0.92%1.08%0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)38,770.89
(-) Cash Dividends Paid (M)16,107.56
(=) Cash Retained (M)22,663.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,754.184,846.362,907.82
Cash Retained (M)22,663.3322,663.3322,663.33
(-) Cash Required (M)-7,754.18-4,846.36-2,907.82
(=) Excess Retained (M)14,909.1517,816.9719,755.51
(/) Shares Outstanding (M)21.4721.4721.47
(=) Excess Retained per Share694.44829.88920.18
LTM Dividend per Share750.26750.26750.26
(+) Excess Retained per Share694.44829.88920.18
(=) Adjusted Dividend1,444.701,580.151,670.44
WACC / Discount Rate2.86%2.86%2.86%
Growth Rate5.50%6.50%7.50%
Fair Value$304,832.55$336,570.89$359,144.39
Upside / Downside1,710.17%1,898.64%2,032.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)38,770.8941,291.0043,974.9146,833.2849,877.4553,119.4854,713.06
Payout Ratio41.55%51.24%60.93%70.62%80.31%90.00%92.50%
Projected Dividends (M)16,107.5621,156.0226,792.7333,072.8240,056.1347,807.5350,609.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.86%2.86%2.86%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)20,375.2220,568.3520,761.48
Year 2 PV (M)24,851.5425,324.8925,802.71
Year 3 PV (M)29,544.4430,392.5631,256.75
Year 4 PV (M)34,462.1035,787.4137,150.59
Year 5 PV (M)39,612.9641,526.2843,512.83
PV of Terminal Value (M)4,193,471.724,396,017.974,606,316.15
Equity Value (M)4,342,317.984,549,617.464,764,800.50
Shares Outstanding (M)21.4721.4721.47
Fair Value$202,257.55$211,913.20$221,936.05
Upside / Downside1,101.05%1,158.39%1,217.91%

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