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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₩464.74 - ₩537.36 | ₩508.31 |
| Adjusted Dividend Yield | 6.4% - 7.4% | 7.0% |
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 12.1% - 10.1% | 11.1% |
| Fair Value | ₩8,405 - ₩16,996 | ₩11,705 |
| Upside | 15.3% - 133.1% | 60.6% |
| Calculate Adjusted Dividend | ||||||||
| (KRW in millions) | Latest | Notes | ||||||
| Net Income To Common | 15,163 | |||||||
| (-) Cash Dividends Paid | (5,241) | |||||||
| (=) Cash Retained | 9,922 | 65.4% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 15,163 | 15,163 | 15,163 | |||||
| (=) Cash Required | 3,033 | 1,895 | 1,137 | |||||
| Cash Retained | 9,922 | 9,922 | 9,922 | |||||
| (-) Cash Required | (3,033) | (1,895) | (1,137) | |||||
| (=) Excess Retained | 6,890 | 8,027 | 8,785 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (KRW) | 6,890 | 8,027 | 8,785 | |||||
| (/) Shares Outstanding | 26.1 | 26.1 | 26.1 | |||||
| (=) Excess Retained per Share | 263.96 | 307.53 | 336.58 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 200.78 | 200.78 | 200.78 | |||||
| (+) Excess Retained per Share | 263.96 | 307.53 | 336.58 | |||||
| Adjusted Dividend | 464.74 | 508.31 | 537.36 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 508.31 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 10.1% | 10.6% | 11.1% | 11.6% | 12.1% | |||
| 4.5% | 9,443.32 | 8,672.44 | 8,017.92 | 7,455.25 | 6,966.39 | |||
| 5.5% | 11,595.03 | 10,463.81 | 9,533.69 | 8,755.43 | 8,094.64 | |||
| 6.5% | 14,933.88 | 13,123.71 | 11,704.93 | 10,562.99 | 9,624.06 | |||
| 7.5% | 20,816.62 | 17,485.96 | 15,074.10 | 13,246.94 | 11,814.84 | |||
| 8.5% | 33,939.66 | 25,953.86 | 21,010.26 | 17,648.62 | 15,214.33 | |||