Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CS Holdings Co., Ltd. (000590.KS)

Company Dividend Discount ModelIndustry: Manufacturing - Tools & AccessoriesSector: Industrials

Valuation Snapshot

Stable Growth$293,888.71 - $476,467.49$375,884.69
Multi-Stage$598,911.24 - $660,043.35$628,876.71
Blended Fair Value$502,380.70
Current Price$83,200.00
Upside503.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.61%0.00%729.731,178.331,194.60555.54555.54555.54555.541,495.230.000.00
YoY Growth---38.07%-1.36%115.04%0.00%0.00%0.00%-62.85%0.00%0.00%0.00%
Dividend Yield--1.02%1.79%2.05%0.77%0.86%1.39%0.90%1.97%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)28,128.46
(-) Cash Dividends Paid (M)705.09
(=) Cash Retained (M)27,423.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,625.693,516.062,109.63
Cash Retained (M)27,423.3727,423.3727,423.37
(-) Cash Required (M)-5,625.69-3,516.06-2,109.63
(=) Excess Retained (M)21,797.6823,907.3225,313.74
(/) Shares Outstanding (M)1.031.031.03
(=) Excess Retained per Share21,109.0723,152.0624,514.05
LTM Dividend per Share682.82682.82682.82
(+) Excess Retained per Share21,109.0723,152.0624,514.05
(=) Adjusted Dividend21,791.8923,834.8825,196.87
WACC / Discount Rate6.36%6.36%6.36%
Growth Rate-0.99%0.01%1.01%
Fair Value$293,888.71$375,884.69$476,467.49
Upside / Downside253.23%351.78%472.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28,128.4628,132.2428,136.0228,139.8028,143.5828,147.3528,991.78
Payout Ratio2.51%20.01%37.50%55.00%72.50%90.00%92.50%
Projected Dividends (M)705.095,627.9510,552.1315,477.6420,404.4725,332.6226,817.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.36%6.36%6.36%
Growth Rate-0.99%0.01%1.01%
Year 1 PV (M)5,238.745,291.655,344.56
Year 2 PV (M)9,143.109,328.729,516.20
Year 3 PV (M)12,483.4612,865.5213,255.31
Year 4 PV (M)15,319.0615,947.3616,594.80
Year 5 PV (M)17,703.6818,615.9319,565.40
PV of Terminal Value (M)558,560.58587,342.42617,298.68
Equity Value (M)618,448.63649,391.61681,574.96
Shares Outstanding (M)1.031.031.03
Fair Value$598,911.24$628,876.71$660,043.35
Upside / Downside619.85%655.86%693.32%

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