Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

SeAH SPECIALSTEEL Co. Ltd. (019440.KS)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$24,070.72 - $46,213.90$32,943.46
Multi-Stage$42,185.09 - $46,314.54$44,210.34
Blended Fair Value$38,576.90
Current Price$14,830.00
Upside160.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.95%2.92%999.65999.651,199.59555.78907.09907.56756.82756.82706.83815.60
YoY Growth--0.00%-16.67%115.84%-38.73%-0.05%19.92%0.00%7.07%-13.34%8.83%
Dividend Yield--7.64%7.31%6.95%3.48%6.55%9.78%4.87%3.93%3.34%4.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12,900.76
(-) Cash Dividends Paid (M)8,344.87
(=) Cash Retained (M)4,555.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,580.151,612.60967.56
Cash Retained (M)4,555.904,555.904,555.90
(-) Cash Required (M)-2,580.15-1,612.60-967.56
(=) Excess Retained (M)1,975.742,943.303,588.34
(/) Shares Outstanding (M)8.358.358.35
(=) Excess Retained per Share236.68352.59429.86
LTM Dividend per Share999.65999.65999.65
(+) Excess Retained per Share236.68352.59429.86
(=) Adjusted Dividend1,236.331,352.241,429.51
WACC / Discount Rate6.11%6.11%6.11%
Growth Rate0.92%1.92%2.92%
Fair Value$24,070.72$32,943.46$46,213.90
Upside / Downside62.31%122.14%211.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12,900.7613,148.8513,401.7113,659.4213,922.1014,189.8214,615.52
Payout Ratio64.69%69.75%74.81%79.87%84.94%90.00%92.50%
Projected Dividends (M)8,344.879,171.0710,025.9610,910.3311,825.0212,770.8413,519.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.11%6.11%6.11%
Growth Rate0.92%1.92%2.92%
Year 1 PV (M)8,558.458,643.258,728.05
Year 2 PV (M)8,731.248,905.139,080.73
Year 3 PV (M)8,866.739,132.929,404.38
Year 4 PV (M)8,968.149,328.909,700.44
Year 5 PV (M)9,038.489,495.239,970.27
PV of Terminal Value (M)307,987.51323,551.44339,738.31
Equity Value (M)352,150.56369,056.87386,622.18
Shares Outstanding (M)8.358.358.35
Fair Value$42,185.09$44,210.34$46,314.54
Upside / Downside184.46%198.11%212.30%

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