Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

BYC Co., Ltd. (001460.KS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$20,188.14 - $30,654.21$25,105.29
Multi-Stage$47,930.29 - $52,872.09$50,351.97
Blended Fair Value$37,728.63
Current Price$38,600.00
Upside-2.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS24.36%14.73%302.64302.64151.96111.77111.77101.7386.6681.6482.7881.63
YoY Growth--0.00%99.15%35.96%0.00%9.88%17.39%6.15%-1.39%1.41%6.56%
Dividend Yield--1.13%0.62%0.35%0.25%0.32%0.54%0.35%0.28%0.22%0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)19,316.84
(-) Cash Dividends Paid (M)2,919.59
(=) Cash Retained (M)16,397.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,863.372,414.611,448.76
Cash Retained (M)16,397.2516,397.2516,397.25
(-) Cash Required (M)-3,863.37-2,414.61-1,448.76
(=) Excess Retained (M)12,533.8813,982.6414,948.49
(/) Shares Outstanding (M)8.318.318.31
(=) Excess Retained per Share1,509.151,683.591,799.88
LTM Dividend per Share351.54351.54351.54
(+) Excess Retained per Share1,509.151,683.591,799.88
(=) Adjusted Dividend1,860.692,035.132,151.42
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-2.64%-1.64%-0.64%
Fair Value$20,188.14$25,105.29$30,654.21
Upside / Downside-47.70%-34.96%-20.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)19,316.8419,000.2318,688.8118,382.4918,081.1917,784.8418,318.38
Payout Ratio15.11%30.09%45.07%60.05%75.02%90.00%92.50%
Projected Dividends (M)2,919.595,717.438,422.7711,037.8913,565.0316,006.3516,944.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-2.64%-1.64%-0.64%
Year 1 PV (M)5,322.175,376.845,431.50
Year 2 PV (M)7,298.467,449.167,601.39
Year 3 PV (M)8,903.299,180.459,463.31
Year 4 PV (M)10,185.2810,610.2211,048.33
Year 5 PV (M)11,187.4911,773.9512,384.75
PV of Terminal Value (M)355,176.36373,795.10393,186.60
Equity Value (M)398,073.05418,185.73439,115.89
Shares Outstanding (M)8.318.318.31
Fair Value$47,930.29$50,351.97$52,872.09
Upside / Downside24.17%30.45%36.97%

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