Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Korea Gas Corporation (036460.KS)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$300,491.48 - $1,548,746.36$540,184.21
Multi-Stage$387,373.61 - $425,623.91$406,134.76
Blended Fair Value$473,159.49
Current Price$39,100.00
Upside1,110.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-27.86%213.10%284.1085.522,608.2282.34559.281,454.0996.2077.62162.08238.35
YoY Growth--232.20%-96.72%3,067.55%-85.28%-61.54%1,411.55%23.94%-52.11%-32.00%7,596,063.31%
Dividend Yield--0.80%0.32%9.62%0.21%1.66%6.76%0.20%0.16%0.36%0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)872,328.27
(-) Cash Dividends Paid (M)254,082.89
(=) Cash Retained (M)618,245.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)174,465.65109,041.0365,424.62
Cash Retained (M)618,245.39618,245.39618,245.39
(-) Cash Required (M)-174,465.65-109,041.03-65,424.62
(=) Excess Retained (M)443,779.73509,204.35552,820.77
(/) Shares Outstanding (M)91.9291.9291.92
(=) Excess Retained per Share4,827.925,539.686,014.18
LTM Dividend per Share2,764.192,764.192,764.19
(+) Excess Retained per Share4,827.925,539.686,014.18
(=) Adjusted Dividend7,592.118,303.878,778.37
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate2.63%3.63%4.63%
Fair Value$300,491.48$540,184.21$1,548,746.36
Upside / Downside668.52%1,281.55%3,860.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)872,328.27904,010.09936,842.55970,867.441,006,128.071,042,669.321,073,949.40
Payout Ratio29.13%41.30%53.48%65.65%77.83%90.00%92.50%
Projected Dividends (M)254,082.89373,370.49500,987.69637,382.17783,023.16938,402.39993,403.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate2.63%3.63%4.63%
Year 1 PV (M)351,406.88354,830.84358,254.79
Year 2 PV (M)443,779.87452,469.99461,244.38
Year 3 PV (M)531,386.75547,071.39563,061.67
Year 4 PV (M)614,406.35638,704.63663,716.59
Year 5 PV (M)693,011.54727,437.91763,219.03
PV of Terminal Value (M)32,973,197.4734,611,189.7436,313,640.50
Equity Value (M)35,607,188.8637,331,704.5039,123,136.96
Shares Outstanding (M)91.9291.9291.92
Fair Value$387,373.61$406,134.76$425,623.91
Upside / Downside890.73%938.71%988.55%

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