Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pyung Hwa Holdings Co., Ltd. (010770.KS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$23,144.43 - $47,428.61$32,454.05
Multi-Stage$30,308.00 - $33,289.52$31,770.41
Blended Fair Value$32,112.23
Current Price$3,750.00
Upside756.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.77%1.08%149.97145.71144.47144.43144.40144.35144.31196.11148.01112.50
YoY Growth--2.93%0.86%0.03%0.02%0.03%0.03%-26.41%32.49%31.57%-16.46%
Dividend Yield--2.87%4.76%4.22%3.49%3.98%6.01%2.52%2.61%4.25%3.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)19,210.53
(-) Cash Dividends Paid (M)2,158.34
(=) Cash Retained (M)17,052.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,842.112,401.321,440.79
Cash Retained (M)17,052.1917,052.1917,052.19
(-) Cash Required (M)-3,842.11-2,401.32-1,440.79
(=) Excess Retained (M)13,210.0814,650.8715,611.40
(/) Shares Outstanding (M)14.3914.3914.39
(=) Excess Retained per Share917.971,018.091,084.84
LTM Dividend per Share149.98149.98149.98
(+) Excess Retained per Share917.971,018.091,084.84
(=) Adjusted Dividend1,067.961,168.081,234.82
WACC / Discount Rate6.76%6.76%6.76%
Growth Rate2.05%3.05%4.05%
Fair Value$23,144.43$32,454.05$47,428.61
Upside / Downside517.18%765.44%1,164.76%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)19,210.5319,797.2220,401.8321,024.9021,667.0022,328.7022,998.57
Payout Ratio11.24%26.99%42.74%58.49%74.25%90.00%92.50%
Projected Dividends (M)2,158.345,342.918,719.9712,298.3216,087.1020,095.8321,273.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.76%6.76%6.76%
Growth Rate2.05%3.05%4.05%
Year 1 PV (M)4,955.895,004.455,053.01
Year 2 PV (M)7,502.457,650.207,799.39
Year 3 PV (M)9,814.7210,106.0810,403.14
Year 4 PV (M)11,908.4212,382.0812,869.72
Year 5 PV (M)13,798.3314,487.7415,204.43
PV of Terminal Value (M)388,167.41407,561.52427,723.20
Equity Value (M)436,147.22457,192.06479,052.89
Shares Outstanding (M)14.3914.3914.39
Fair Value$30,308.00$31,770.41$33,289.52
Upside / Downside708.21%747.21%787.72%

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