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Daesung Energy Co., Ltd. (117580.KS)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$8,937.22 - $13,824.57$11,203.97
Multi-Stage$20,629.22 - $22,734.58$21,661.08
Blended Fair Value$16,432.53
Current Price$8,320.00
Upside97.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.22%-0.11%249.79249.79249.79252.59252.59252.59252.59252.59252.59252.59
YoY Growth--0.00%0.00%-1.11%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.23%3.01%2.81%2.23%4.69%5.83%4.66%4.37%4.08%4.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)26,186.10
(-) Cash Dividends Paid (M)6,798.64
(=) Cash Retained (M)19,387.47
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,237.223,273.261,963.96
Cash Retained (M)19,387.4719,387.4719,387.47
(-) Cash Required (M)-5,237.22-3,273.26-1,963.96
(=) Excess Retained (M)14,150.2516,114.2017,423.51
(/) Shares Outstanding (M)27.2227.2227.22
(=) Excess Retained per Share519.89592.05640.15
LTM Dividend per Share249.79249.79249.79
(+) Excess Retained per Share519.89592.05640.15
(=) Adjusted Dividend769.68841.83889.94
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-2.11%-1.11%-0.11%
Fair Value$8,937.22$11,203.97$13,824.57
Upside / Downside7.42%34.66%66.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)26,186.1025,895.0125,607.1525,322.4925,041.0024,762.6325,505.51
Payout Ratio25.96%38.77%51.58%64.39%77.19%90.00%92.50%
Projected Dividends (M)6,798.6410,039.5513,207.5716,303.9119,329.7922,286.3723,592.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-2.11%-1.11%-0.11%
Year 1 PV (M)9,347.419,442.909,538.39
Year 2 PV (M)11,449.2411,684.3611,921.87
Year 3 PV (M)13,158.9913,566.4113,982.15
Year 4 PV (M)14,525.6115,128.3315,749.61
Year 5 PV (M)15,592.7816,405.6817,252.13
PV of Terminal Value (M)497,407.89523,339.22550,340.94
Equity Value (M)561,481.92589,566.89618,785.09
Shares Outstanding (M)27.2227.2227.22
Fair Value$20,629.22$21,661.08$22,734.58
Upside / Downside147.95%160.35%173.25%

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