Definitive Analysis
Definitive Analysis

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Sector

Samsung Life Insurance Co., Ltd. (032830.KS)

Company Dividend Discount ModelIndustry: Insurance - LifeSector: Financial Services

Valuation Snapshot

Stable Growth$831,074.52 - $2,416,309.77$2,264,436.12
Multi-Stage$333,380.67 - $364,777.61$348,791.28
Blended Fair Value$1,306,613.70
Current Price$156,600.00
Upside734.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.73%13.54%4,026.463,326.473,300.352,499.982,649.982,649.981,999.991,420.112,484.161,895.21
YoY Growth--21.04%0.79%32.01%-5.66%0.00%32.50%40.83%-42.83%31.08%67.58%
Dividend Yield--4.86%3.64%5.26%3.79%3.39%6.16%2.38%1.22%2.29%1.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,181,829.00
(-) Cash Dividends Paid (M)866,715.00
(=) Cash Retained (M)1,315,114.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)436,365.80272,728.63163,637.18
Cash Retained (M)1,315,114.001,315,114.001,315,114.00
(-) Cash Required (M)-436,365.80-272,728.63-163,637.18
(=) Excess Retained (M)878,748.201,042,385.381,151,476.83
(/) Shares Outstanding (M)179.58179.58179.58
(=) Excess Retained per Share4,893.465,804.706,412.20
LTM Dividend per Share4,826.454,826.454,826.45
(+) Excess Retained per Share4,893.465,804.706,412.20
(=) Adjusted Dividend9,719.9110,631.1611,238.65
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate5.50%6.50%7.50%
Fair Value$831,074.52$2,264,436.12$2,416,309.77
Upside / Downside430.70%1,346.00%1,442.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,181,829.002,323,647.892,474,685.002,635,539.522,806,849.592,989,294.813,078,973.66
Payout Ratio39.72%49.78%59.83%69.89%79.94%90.00%92.50%
Projected Dividends (M)866,715.001,156,697.801,480,716.491,841,970.572,243,931.642,690,365.332,848,050.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,073,545.461,083,721.251,093,897.04
Year 2 PV (M)1,275,478.011,299,772.291,324,295.75
Year 3 PV (M)1,472,598.261,514,871.261,557,945.62
Year 4 PV (M)1,664,990.461,729,021.301,794,881.45
Year 5 PV (M)1,852,737.611,942,225.532,035,138.36
PV of Terminal Value (M)52,527,817.7555,064,930.9957,699,145.52
Equity Value (M)59,867,167.5662,634,542.6165,505,303.75
Shares Outstanding (M)179.58179.58179.58
Fair Value$333,380.67$348,791.28$364,777.61
Upside / Downside112.89%122.73%132.94%

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