Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hwaseung Corporation Co.,Ltd. (013520.KS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$128,211.14 - $151,131.03$141,596.36
Multi-Stage$78,152.11 - $85,992.23$81,996.97
Blended Fair Value$111,796.66
Current Price$2,075.00
Upside5,287.79%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.84%7.48%66.8766.8733.4433.4438.8041.8242.8676.8165.0232.51
YoY Growth--0.00%100.00%-0.01%-13.81%-7.24%-2.43%-44.20%18.12%100.00%0.00%
Dividend Yield--4.13%3.47%1.69%1.74%2.15%2.84%2.04%3.35%1.68%0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35,735.44
(-) Cash Dividends Paid (M)4,754.70
(=) Cash Retained (M)30,980.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,147.094,466.932,680.16
Cash Retained (M)30,980.7330,980.7330,980.73
(-) Cash Required (M)-7,147.09-4,466.93-2,680.16
(=) Excess Retained (M)23,833.6526,513.8028,300.58
(/) Shares Outstanding (M)45.8045.8045.80
(=) Excess Retained per Share520.38578.90617.91
LTM Dividend per Share103.81103.81103.81
(+) Excess Retained per Share520.38578.90617.91
(=) Adjusted Dividend624.19682.71721.72
WACC / Discount Rate2.30%2.30%2.30%
Growth Rate2.70%3.70%4.70%
Fair Value$128,211.14$141,596.36$151,131.03
Upside / Downside6,078.85%6,723.92%7,183.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35,735.4437,058.1938,429.9239,852.4141,327.5642,857.3244,143.04
Payout Ratio13.31%28.64%43.98%59.32%74.66%90.00%92.50%
Projected Dividends (M)4,754.7010,615.0316,902.7023,641.2930,855.6038,571.5940,832.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.30%2.30%2.30%
Growth Rate2.70%3.70%4.70%
Year 1 PV (M)10,276.2610,376.3210,476.38
Year 2 PV (M)15,841.0316,151.0216,464.01
Year 3 PV (M)21,449.2622,081.9322,726.92
Year 4 PV (M)27,101.2128,172.2629,274.74
Year 5 PV (M)32,797.1334,425.2536,117.40
PV of Terminal Value (M)3,471,940.803,644,295.323,823,427.70
Equity Value (M)3,579,405.693,755,502.093,938,487.15
Shares Outstanding (M)45.8045.8045.80
Fair Value$78,152.11$81,996.97$85,992.23
Upside / Downside3,666.37%3,851.66%4,044.20%

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