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Saeron Automotive Corporation (075180.KS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$1,549.35 - $2,286.64$1,902.74
Multi-Stage$3,907.45 - $4,301.02$4,100.34
Blended Fair Value$3,001.54
Current Price$3,210.00
Upside-6.49%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.37%-3.50%139.96139.96139.96149.96139.96149.96149.96189.95199.95199.95
YoY Growth--0.00%0.00%-6.67%7.14%-6.67%0.00%-21.05%-5.00%0.00%0.00%
Dividend Yield--4.23%3.55%2.95%2.58%2.36%4.35%2.75%3.04%2.61%2.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,845.57
(-) Cash Dividends Paid (M)2,688.00
(=) Cash Retained (M)1,157.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)769.11480.70288.42
Cash Retained (M)1,157.571,157.571,157.57
(-) Cash Required (M)-769.11-480.70-288.42
(=) Excess Retained (M)388.46676.88869.15
(/) Shares Outstanding (M)19.2019.2019.20
(=) Excess Retained per Share20.2335.2445.26
LTM Dividend per Share139.96139.96139.96
(+) Excess Retained per Share20.2335.2445.26
(=) Adjusted Dividend160.19175.21185.22
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate-3.44%-2.44%-1.44%
Fair Value$1,549.35$1,902.74$2,286.64
Upside / Downside-51.73%-40.72%-28.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,845.573,751.563,659.853,570.383,483.093,397.943,499.88
Payout Ratio69.90%73.92%77.94%81.96%85.98%90.00%92.50%
Projected Dividends (M)2,688.002,773.112,852.452,926.262,994.753,058.153,237.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate-3.44%-2.44%-1.44%
Year 1 PV (M)2,576.242,602.922,629.60
Year 2 PV (M)2,461.822,513.082,564.86
Year 3 PV (M)2,346.232,419.882,495.06
Year 4 PV (M)2,230.682,324.532,421.32
Year 5 PV (M)2,116.182,228.062,344.62
PV of Terminal Value (M)63,311.2866,658.3970,145.60
Equity Value (M)75,042.4378,746.8782,601.07
Shares Outstanding (M)19.2019.2019.20
Fair Value$3,907.45$4,100.34$4,301.02
Upside / Downside21.73%27.74%33.99%

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