Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hyosung Corporation (004800.KS)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$73,045.58 - $96,977.83$85,470.67
Multi-Stage$156,003.55 - $172,633.57$164,144.32
Blended Fair Value$124,807.49
Current Price$84,900.00
Upside47.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-11.62%5.29%4,207.417,087.1710,428.507,825.695,764.837,803.4610,435.949,426.146,598.304,974.19
YoY Growth---40.63%-32.04%33.26%35.75%-26.12%-25.23%10.71%42.86%32.65%97.97%
Dividend Yield--8.77%11.85%15.43%9.11%6.48%12.77%13.82%7.69%4.87%3.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)324,576.91
(-) Cash Dividends Paid (M)66,652.81
(=) Cash Retained (M)257,924.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)64,915.3840,572.1124,343.27
Cash Retained (M)257,924.09257,924.09257,924.09
(-) Cash Required (M)-64,915.38-40,572.11-24,343.27
(=) Excess Retained (M)193,008.71217,351.98233,580.83
(/) Shares Outstanding (M)17.6517.6517.65
(=) Excess Retained per Share10,937.2012,316.6513,236.29
LTM Dividend per Share3,777.013,777.013,777.01
(+) Excess Retained per Share10,937.2012,316.6513,236.29
(=) Adjusted Dividend14,714.2016,093.6617,013.30
WACC / Discount Rate8.62%8.62%8.62%
Growth Rate-9.59%-8.59%-7.59%
Fair Value$73,045.58$85,470.67$96,977.83
Upside / Downside-13.96%0.67%14.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)324,576.91296,679.74271,180.32247,872.55226,568.07207,094.70213,307.54
Payout Ratio20.54%34.43%48.32%62.21%76.11%90.00%92.50%
Projected Dividends (M)66,652.81102,141.59131,037.51154,211.72172,434.30186,385.23197,309.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.62%8.62%8.62%
Growth Rate-9.59%-8.59%-7.59%
Year 1 PV (M)93,010.2494,039.0595,067.87
Year 2 PV (M)108,655.55111,072.59113,516.22
Year 3 PV (M)116,439.88120,346.72124,339.98
Year 4 PV (M)118,559.45123,892.83129,404.16
Year 5 PV (M)116,694.97123,293.35130,186.88
PV of Terminal Value (M)2,199,634.582,324,010.222,453,949.42
Equity Value (M)2,752,994.672,896,654.753,046,464.53
Shares Outstanding (M)17.6517.6517.65
Fair Value$156,003.55$164,144.32$172,633.57
Upside / Downside83.75%93.34%103.34%

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