Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hojeon Limited (111110.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$311,960.23 - $367,614.49$344,474.97
Multi-Stage$191,619.76 - $210,505.90$200,884.63
Blended Fair Value$272,679.80
Current Price$7,930.00
Upside3,338.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.39%0.00%294.25294.25236.72172.68215.85215.85129.520.000.000.00
YoY Growth--0.00%24.31%37.09%-20.00%0.00%66.65%0.00%0.00%0.00%0.00%
Dividend Yield--3.68%4.17%2.98%1.42%2.13%1.93%1.01%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)17,618.42
(-) Cash Dividends Paid (M)3,551.41
(=) Cash Retained (M)14,067.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,523.682,202.301,321.38
Cash Retained (M)14,067.0114,067.0114,067.01
(-) Cash Required (M)-3,523.68-2,202.30-1,321.38
(=) Excess Retained (M)10,543.3311,864.7112,745.63
(/) Shares Outstanding (M)9.439.439.43
(=) Excess Retained per Share1,117.681,257.751,351.14
LTM Dividend per Share376.48376.48376.48
(+) Excess Retained per Share1,117.681,257.751,351.14
(=) Adjusted Dividend1,494.151,634.231,727.62
WACC / Discount Rate3.51%3.51%3.51%
Growth Rate4.39%5.39%6.39%
Fair Value$311,960.23$344,474.97$367,614.49
Upside / Downside3,833.92%4,243.95%4,535.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)17,618.4218,568.6819,570.1920,625.7121,738.1722,910.6323,597.95
Payout Ratio20.16%34.13%48.09%62.06%76.03%90.00%92.50%
Projected Dividends (M)3,551.416,336.739,412.1712,800.9316,527.8520,619.5721,828.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.51%3.51%3.51%
Growth Rate4.39%5.39%6.39%
Year 1 PV (M)6,063.656,121.736,179.82
Year 2 PV (M)8,618.418,784.328,951.80
Year 3 PV (M)11,216.2511,541.6811,873.33
Year 4 PV (M)13,857.7214,396.3714,950.58
Year 5 PV (M)16,543.3517,351.0318,189.96
PV of Terminal Value (M)1,751,297.751,836,799.811,925,609.24
Equity Value (M)1,807,597.131,894,994.941,985,754.73
Shares Outstanding (M)9.439.439.43
Fair Value$191,619.76$200,884.63$210,505.90
Upside / Downside2,316.39%2,433.22%2,554.55%

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