Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yuanta Securities Korea Co., Ltd. (003470.KS)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$2,904.59 - $4,436.45$3,621.16
Multi-Stage$3,843.96 - $4,197.68$4,017.55
Blended Fair Value$3,819.35
Current Price$3,695.00
Upside3.37%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%183.30113.23183.30128.240.000.000.000.000.000.00
YoY Growth--61.88%-38.23%42.93%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--7.19%4.19%6.87%3.47%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)64,644.88
(-) Cash Dividends Paid (M)41,738.86
(=) Cash Retained (M)22,906.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12,928.988,080.614,848.37
Cash Retained (M)22,906.0122,906.0122,906.01
(-) Cash Required (M)-12,928.98-8,080.61-4,848.37
(=) Excess Retained (M)9,977.0414,825.4018,057.65
(/) Shares Outstanding (M)205.29205.29205.29
(=) Excess Retained per Share48.6072.2287.96
LTM Dividend per Share203.32203.32203.32
(+) Excess Retained per Share48.6072.2287.96
(=) Adjusted Dividend251.92275.54291.28
WACC / Discount Rate9.90%9.90%9.90%
Growth Rate1.13%2.13%3.13%
Fair Value$2,904.59$3,621.16$4,436.45
Upside / Downside-21.39%-2.00%20.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)64,644.8866,021.7867,428.0168,864.1970,330.9671,828.9873,983.85
Payout Ratio64.57%69.65%74.74%79.83%84.91%90.00%92.50%
Projected Dividends (M)41,738.8645,986.2250,395.5854,971.9159,720.3364,646.0868,435.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.90%9.90%9.90%
Growth Rate1.13%2.13%3.13%
Year 1 PV (M)41,433.5841,843.2942,252.99
Year 2 PV (M)40,911.1741,724.2542,545.33
Year 3 PV (M)40,208.2341,412.8342,641.26
Year 4 PV (M)39,356.9140,936.8442,563.86
Year 5 PV (M)38,385.3740,321.1042,334.14
PV of Terminal Value (M)588,823.25618,516.92649,396.62
Equity Value (M)789,118.51824,755.23861,734.21
Shares Outstanding (M)205.29205.29205.29
Fair Value$3,843.96$4,017.55$4,197.68
Upside / Downside4.03%8.73%13.60%

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