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Definitive Analysis

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Mirae Asset Securities Co. Ltd. (006800.KS)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$53,181.50 - $162,211.76$84,721.29
Multi-Stage$49,581.01 - $54,381.75$51,936.42
Blended Fair Value$68,328.86
Current Price$21,450.00
Upside218.55%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.20%0.00%154.04211.54324.90227.72315.84263.77213.7044.46258.497.08
YoY Growth---27.18%-34.89%42.68%-27.90%19.74%23.43%380.68%-82.80%3,549.47%0.00%
Dividend Yield--1.68%2.65%5.03%2.66%3.20%5.01%2.85%0.48%2.86%0.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,220,193.42
(-) Cash Dividends Paid (M)148,678.99
(=) Cash Retained (M)1,071,514.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)244,038.68152,524.1891,514.51
Cash Retained (M)1,071,514.421,071,514.421,071,514.42
(-) Cash Required (M)-244,038.68-152,524.18-91,514.51
(=) Excess Retained (M)827,475.74918,990.25979,999.92
(/) Shares Outstanding (M)583.49583.49583.49
(=) Excess Retained per Share1,418.151,574.991,679.55
LTM Dividend per Share254.81254.81254.81
(+) Excess Retained per Share1,418.151,574.991,679.55
(=) Adjusted Dividend1,672.961,829.791,934.35
WACC / Discount Rate6.87%6.87%6.87%
Growth Rate3.61%4.61%5.61%
Fair Value$53,181.50$84,721.29$162,211.76
Upside / Downside147.93%294.97%656.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,220,193.421,276,492.781,335,389.781,397,004.281,461,461.641,528,893.051,574,759.85
Payout Ratio12.18%27.75%43.31%58.87%74.44%90.00%92.50%
Projected Dividends (M)148,678.99354,199.90578,369.63822,471.581,087,867.831,376,003.751,456,652.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.87%6.87%6.87%
Growth Rate3.61%4.61%5.61%
Year 1 PV (M)328,252.03331,420.06334,588.09
Year 2 PV (M)496,733.51506,367.94516,094.90
Year 3 PV (M)654,632.96673,770.47693,277.38
Year 4 PV (M)802,439.12833,868.50866,212.22
Year 5 PV (M)940,620.77986,896.051,034,974.94
PV of Terminal Value (M)25,707,405.6426,972,120.8528,286,129.10
Equity Value (M)28,930,084.0430,304,443.8831,731,276.63
Shares Outstanding (M)583.49583.49583.49
Fair Value$49,581.01$51,936.42$54,381.75
Upside / Downside131.15%142.13%153.53%

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