Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Binggrae Co., Ltd. (005180.KS)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$203,350.67 - $509,935.05$305,509.30
Multi-Stage$143,567.96 - $156,724.51$150,027.44
Blended Fair Value$227,768.37
Current Price$75,000.00
Upside203.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.01%7.60%2,599.741,499.821,399.881,599.861,449.881,349.891,315.661,249.901,249.911,249.91
YoY Growth--73.34%7.14%-12.50%10.34%7.41%2.60%5.26%0.00%0.00%0.00%
Dividend Yield--2.79%2.59%3.37%2.96%2.42%2.80%1.94%2.05%1.82%1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)80,369.47
(-) Cash Dividends Paid (M)29,176.70
(=) Cash Retained (M)51,192.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16,073.8910,046.186,027.71
Cash Retained (M)51,192.7751,192.7751,192.77
(-) Cash Required (M)-16,073.89-10,046.18-6,027.71
(=) Excess Retained (M)35,118.8741,146.5845,165.06
(/) Shares Outstanding (M)8.848.848.84
(=) Excess Retained per Share3,971.604,653.275,107.72
LTM Dividend per Share3,299.603,299.603,299.60
(+) Excess Retained per Share3,971.604,653.275,107.72
(=) Adjusted Dividend7,271.207,952.878,407.32
WACC / Discount Rate9.27%9.27%9.27%
Growth Rate5.50%6.50%7.50%
Fair Value$203,350.67$305,509.30$509,935.05
Upside / Downside171.13%307.35%579.91%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)80,369.4785,593.4891,157.0697,082.27103,392.61110,113.13113,416.53
Payout Ratio36.30%47.04%57.78%68.52%79.26%90.00%92.50%
Projected Dividends (M)29,176.7040,265.3852,672.3166,522.0281,949.6599,101.82104,910.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.27%9.27%9.27%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)36,502.6436,848.6437,194.63
Year 2 PV (M)43,287.9944,112.5044,944.80
Year 3 PV (M)49,561.3450,984.0752,433.77
Year 4 PV (M)55,349.9557,478.5659,667.97
Year 5 PV (M)60,679.8363,610.6866,653.71
PV of Terminal Value (M)1,024,117.911,073,583.191,124,941.62
Equity Value (M)1,269,499.661,326,617.641,385,836.51
Shares Outstanding (M)8.848.848.84
Fair Value$143,567.96$150,027.44$156,724.51
Upside / Downside91.42%100.04%108.97%

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