Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Korea Asset In Trust Co., Ltd. (123890.KS)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$4,012.14 - $6,000.36$4,956.15
Multi-Stage$7,217.02 - $7,940.56$7,571.72
Blended Fair Value$6,263.94
Current Price$2,315.00
Upside170.58%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.88%0.00%220.04220.04220.04220.04181.86165.33151.05138.9560.0716.25
YoY Growth--0.00%0.00%0.00%21.00%10.00%9.45%8.70%131.33%269.70%0.00%
Dividend Yield--9.32%7.01%7.83%5.37%3.89%8.41%3.98%2.75%0.93%0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)59,134.87
(-) Cash Dividends Paid (M)12,236.71
(=) Cash Retained (M)46,898.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11,826.977,391.864,435.12
Cash Retained (M)46,898.1746,898.1746,898.17
(-) Cash Required (M)-11,826.97-7,391.86-4,435.12
(=) Excess Retained (M)35,071.1939,506.3142,463.05
(/) Shares Outstanding (M)122.34122.34122.34
(=) Excess Retained per Share286.66322.91347.08
LTM Dividend per Share100.02100.02100.02
(+) Excess Retained per Share286.66322.91347.08
(=) Adjusted Dividend386.68422.93447.10
WACC / Discount Rate7.76%7.76%7.76%
Growth Rate-1.72%-0.72%0.28%
Fair Value$4,012.14$4,956.15$6,000.36
Upside / Downside73.31%114.09%159.19%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)59,134.8758,711.2358,290.6357,873.0457,458.4457,046.8158,758.22
Payout Ratio20.69%34.55%48.42%62.28%76.14%90.00%92.50%
Projected Dividends (M)12,236.7120,287.2628,221.8336,041.6843,748.0451,342.1354,351.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.76%7.76%7.76%
Growth Rate-1.72%-0.72%0.28%
Year 1 PV (M)18,637.4218,827.0419,016.67
Year 2 PV (M)23,818.2624,305.4124,797.49
Year 3 PV (M)27,944.2328,805.9129,685.11
Year 4 PV (M)31,160.7632,448.4533,775.64
Year 5 PV (M)33,595.8635,340.1237,156.10
PV of Terminal Value (M)747,802.84786,628.02827,049.32
Equity Value (M)882,959.37926,354.95971,480.33
Shares Outstanding (M)122.34122.34122.34
Fair Value$7,217.02$7,571.72$7,940.56
Upside / Downside211.75%227.07%243.00%

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