Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Incheon City Gas Co., Ltd. (034590.KS)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$53,013.61 - $89,757.85$69,037.77
Multi-Stage$104,401.54 - $114,873.17$109,535.57
Blended Fair Value$89,286.67
Current Price$26,050.00
Upside242.75%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.96%1,250.441,250.441,250.441,250.441,250.441,250.441,250.441,250.441,250.441,250.44
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%9.99%
Dividend Yield--5.12%4.93%4.72%4.70%4.85%5.32%4.28%4.18%4.14%4.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)18,059.72
(-) Cash Dividends Paid (M)5,152.50
(=) Cash Retained (M)12,907.22
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,611.942,257.461,354.48
Cash Retained (M)12,907.2212,907.2212,907.22
(-) Cash Required (M)-3,611.94-2,257.46-1,354.48
(=) Excess Retained (M)9,295.2710,649.7511,552.74
(/) Shares Outstanding (M)4.124.124.12
(=) Excess Retained per Share2,255.832,584.542,803.69
LTM Dividend per Share1,250.441,250.441,250.44
(+) Excess Retained per Share2,255.832,584.542,803.69
(=) Adjusted Dividend3,506.273,834.984,054.12
WACC / Discount Rate6.27%6.27%6.27%
Growth Rate-0.33%0.67%1.67%
Fair Value$53,013.61$69,037.77$89,757.85
Upside / Downside103.51%165.02%244.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)18,059.7218,181.4518,304.0118,427.3918,551.6118,676.6619,236.96
Payout Ratio28.53%40.82%53.12%65.41%77.71%90.00%92.50%
Projected Dividends (M)5,152.507,422.459,722.7612,053.7514,415.7216,808.9917,794.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.27%6.27%6.27%
Growth Rate-0.33%0.67%1.67%
Year 1 PV (M)6,915.376,984.757,054.13
Year 2 PV (M)8,439.698,609.898,781.78
Year 3 PV (M)9,748.2710,044.6310,346.94
Year 4 PV (M)10,862.0211,304.5211,760.41
Year 5 PV (M)11,800.0612,403.9913,032.40
PV of Terminal Value (M)382,426.80401,999.48422,365.46
Equity Value (M)430,192.21451,347.26473,341.12
Shares Outstanding (M)4.124.124.12
Fair Value$104,401.54$109,535.57$114,873.17
Upside / Downside300.77%320.48%340.97%

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