Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Korea Gas Corporation (036460.KS)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$422,019.90 - $1,836,995.13$1,016,784.70
Multi-Stage$588,840.87 - $647,485.57$617,602.55
Blended Fair Value$817,193.63
Current Price$39,100.00
Upside1,990.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-27.86%213.10%284.1085.522,608.2282.34559.281,454.0996.2077.62162.08238.35
YoY Growth--232.20%-96.72%3,067.55%-85.28%-61.54%1,411.55%23.94%-52.11%-32.00%7,596,063.31%
Dividend Yield--0.80%0.32%9.62%0.21%1.66%6.76%0.20%0.16%0.36%0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)872,328.27
(-) Cash Dividends Paid (M)254,082.89
(=) Cash Retained (M)618,245.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)174,465.65109,041.0365,424.62
Cash Retained (M)618,245.39618,245.39618,245.39
(-) Cash Required (M)-174,465.65-109,041.03-65,424.62
(=) Excess Retained (M)443,779.73509,204.35552,820.77
(/) Shares Outstanding (M)91.9291.9291.92
(=) Excess Retained per Share4,827.925,539.686,014.18
LTM Dividend per Share2,764.192,764.192,764.19
(+) Excess Retained per Share4,827.925,539.686,014.18
(=) Adjusted Dividend7,592.118,303.878,778.37
WACC / Discount Rate4.48%4.48%4.48%
Growth Rate2.63%3.63%4.63%
Fair Value$422,019.90$1,016,784.70$1,836,995.13
Upside / Downside979.33%2,500.47%4,598.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)872,328.27904,010.09936,842.55970,867.441,006,128.071,042,669.321,073,949.40
Payout Ratio29.13%41.30%53.48%65.65%77.83%90.00%92.50%
Projected Dividends (M)254,082.89373,370.49500,987.69637,382.17783,023.16938,402.39993,403.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.48%4.48%4.48%
Growth Rate2.63%3.63%4.63%
Year 1 PV (M)353,918.43357,366.86360,815.28
Year 2 PV (M)450,146.04458,960.83467,861.08
Year 3 PV (M)542,862.05558,885.39575,220.98
Year 4 PV (M)632,160.52657,160.94682,895.66
Year 5 PV (M)718,133.29753,807.62790,885.81
PV of Terminal Value (M)51,428,737.7453,983,536.2256,638,871.47
Equity Value (M)54,125,958.0656,769,717.8659,516,550.29
Shares Outstanding (M)91.9291.9291.92
Fair Value$588,840.87$617,602.55$647,485.57
Upside / Downside1,405.99%1,479.55%1,555.97%

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