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INVENI Co., Ltd. (015360.KS)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$201,724.47 - $326,183.85$257,719.77
Multi-Stage$421,755.60 - $464,585.22$442,750.26
Blended Fair Value$350,235.02
Current Price$61,000.00
Upside474.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS25.78%11.69%4,657.7311,271.352,218.941,972.391,725.841,479.291,751.362,965.091,467.401,476.45
YoY Growth---58.68%407.96%12.50%14.29%16.67%-15.53%-40.93%102.06%-0.61%-4.28%
Dividend Yield--10.14%29.28%6.98%5.45%5.12%5.05%4.27%6.99%3.96%3.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)81,528.02
(-) Cash Dividends Paid (M)12,843.00
(=) Cash Retained (M)68,685.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16,305.6010,191.006,114.60
Cash Retained (M)68,685.0268,685.0268,685.02
(-) Cash Required (M)-16,305.60-10,191.00-6,114.60
(=) Excess Retained (M)52,379.4158,494.0162,570.41
(/) Shares Outstanding (M)4.334.334.33
(=) Excess Retained per Share12,109.4513,523.0614,465.48
LTM Dividend per Share2,969.142,969.142,969.14
(+) Excess Retained per Share12,109.4513,523.0614,465.48
(=) Adjusted Dividend15,078.5816,492.2017,434.61
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-1.08%-0.08%0.92%
Fair Value$201,724.47$257,719.77$326,183.85
Upside / Downside230.70%322.49%434.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)81,528.0281,466.1581,404.3481,342.5781,280.8581,219.1883,655.75
Payout Ratio15.75%30.60%45.45%60.30%75.15%90.00%92.50%
Projected Dividends (M)12,843.0024,930.5136,999.6749,050.5061,083.0373,097.2677,381.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-1.08%-0.08%0.92%
Year 1 PV (M)23,214.2223,448.8823,683.55
Year 2 PV (M)32,080.6832,732.5533,390.98
Year 3 PV (M)39,601.5340,814.6842,052.36
Year 4 PV (M)45,921.0647,806.2349,748.85
Year 5 PV (M)51,169.9953,809.1456,556.07
PV of Terminal Value (M)1,632,316.351,716,504.761,804,131.58
Equity Value (M)1,824,303.831,915,116.242,009,563.38
Shares Outstanding (M)4.334.334.33
Fair Value$421,755.60$442,750.26$464,585.22
Upside / Downside591.40%625.82%661.62%

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