Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Pan Ocean Co., Ltd. (028670.KS)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$22,593.38 - $108,912.93$48,799.29
Multi-Stage$12,036.52 - $13,169.70$12,592.73
Blended Fair Value$30,696.01
Current Price$3,715.00
Upside726.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%35.31%84.97149.9599.9751.520.000.000.000.000.000.00
YoY Growth---43.33%50.00%94.06%0.00%0.00%0.00%0.00%0.00%0.00%-100.00%
Dividend Yield--2.52%3.62%1.72%0.74%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)292,829.00
(-) Cash Dividends Paid (M)64,139.00
(=) Cash Retained (M)228,690.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)58,565.8036,603.6321,962.18
Cash Retained (M)228,690.00228,690.00228,690.00
(-) Cash Required (M)-58,565.80-36,603.63-21,962.18
(=) Excess Retained (M)170,124.20192,086.38206,727.83
(/) Shares Outstanding (M)534.71534.71534.71
(=) Excess Retained per Share318.16359.24386.62
LTM Dividend per Share119.95119.95119.95
(+) Excess Retained per Share318.16359.24386.62
(=) Adjusted Dividend438.12479.19506.57
WACC / Discount Rate7.55%7.55%7.55%
Growth Rate5.50%6.50%7.50%
Fair Value$22,593.38$48,799.29$108,912.93
Upside / Downside508.17%1,213.57%2,831.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)292,829.00311,862.89332,133.97353,722.68376,714.65401,201.11413,237.14
Payout Ratio21.90%35.52%49.14%62.76%76.38%90.00%92.50%
Projected Dividends (M)64,139.00110,781.75163,217.06222,000.92287,737.08361,081.00382,244.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.55%7.55%7.55%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)102,041.69103,008.91103,976.13
Year 2 PV (M)138,479.17141,116.81143,779.33
Year 3 PV (M)173,493.46178,473.84183,548.62
Year 4 PV (M)207,125.53215,090.99223,284.02
Year 5 PV (M)239,415.29250,979.13262,985.56
PV of Terminal Value (M)5,575,440.835,844,736.706,124,339.17
Equity Value (M)6,435,995.986,733,406.407,041,912.84
Shares Outstanding (M)534.71534.71534.71
Fair Value$12,036.52$12,592.73$13,169.70
Upside / Downside224.00%238.97%254.50%

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