Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Korea Electric Power Corporation (015760.KS)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$323,608.76 - $983,237.29$514,983.29
Multi-Stage$350,143.98 - $384,548.90$367,020.91
Blended Fair Value$441,002.10
Current Price$39,300.00
Upside1,022.14%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.02%-3.80%197.6870.6065.971,265.12126.64154.77933.682,087.953,253.19638.48
YoY Growth--180.00%7.03%-94.79%898.99%-18.18%-83.42%-55.28%-35.82%409.52%119.21%
Dividend Yield--0.91%0.32%0.37%5.59%0.55%0.80%3.08%6.36%7.00%1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,237,058.00
(-) Cash Dividends Paid (M)256,967.00
(=) Cash Retained (M)7,980,091.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,647,411.601,029,632.25617,779.35
Cash Retained (M)7,980,091.007,980,091.007,980,091.00
(-) Cash Required (M)-1,647,411.60-1,029,632.25-617,779.35
(=) Excess Retained (M)6,332,679.406,950,458.757,362,311.65
(/) Shares Outstanding (M)641.96641.96641.96
(=) Excess Retained per Share9,864.5410,826.8711,468.42
LTM Dividend per Share400.28400.28400.28
(+) Excess Retained per Share9,864.5410,826.8711,468.42
(=) Adjusted Dividend10,264.8211,227.1511,868.70
WACC / Discount Rate6.28%6.28%6.28%
Growth Rate3.02%4.02%5.02%
Fair Value$323,608.76$514,983.29$983,237.29
Upside / Downside723.43%1,210.39%2,401.88%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,237,058.008,567,859.968,911,946.999,269,852.639,642,131.8410,029,361.8510,330,242.71
Payout Ratio3.12%20.50%37.87%55.25%72.62%90.00%92.50%
Projected Dividends (M)256,967.001,756,044.273,375,113.605,121,395.037,002,494.999,026,425.679,555,474.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.28%6.28%6.28%
Growth Rate3.02%4.02%5.02%
Year 1 PV (M)1,636,339.591,652,223.911,668,108.23
Year 2 PV (M)2,930,652.662,987,825.853,045,551.34
Year 3 PV (M)4,143,832.644,265,683.244,389,899.43
Year 4 PV (M)5,279,644.925,487,652.165,701,746.00
Year 5 PV (M)6,341,700.036,655,535.766,981,675.11
PV of Terminal Value (M)204,447,657.79214,565,288.72225,079,571.11
Equity Value (M)224,779,827.64235,614,209.65246,866,551.23
Shares Outstanding (M)641.96641.96641.96
Fair Value$350,143.98$367,020.91$384,548.90
Upside / Downside790.95%833.90%878.50%

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