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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₩1,694 - ₩1,959 | ₩1,853 |
| Adjusted Dividend Yield | 3.8% - 4.4% | 4.1% |
| Perpetuity Growth Rate | 2.8% - 3.3% | 3.0% |
| Discount Rate | 12.8% - 10.8% | 11.8% |
| Fair Value | ₩17,406 - ₩26,964 | ₩21,810 |
| Upside | -61.2% - -39.9% | -51.4% |
| Calculate Adjusted Dividend | ||||||||
| (KRW in millions) | Latest | Notes | ||||||
| Net Income To Common | 25,791 | |||||||
| (-) Cash Dividends Paid | (15,597) | |||||||
| (=) Cash Retained | 10,194 | 39.5% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 25,791 | 25,791 | 25,791 | |||||
| (=) Cash Required | 5,158 | 3,224 | 1,934 | |||||
| Cash Retained | 10,194 | 10,194 | 10,194 | |||||
| (-) Cash Required | (5,158) | (3,224) | (1,934) | |||||
| (=) Excess Retained | 5,036 | 6,970 | 8,260 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (KRW) | 5,036 | 6,970 | 8,260 | |||||
| (/) Shares Outstanding | 12.2 | 12.2 | 12.2 | |||||
| (=) Excess Retained per Share | 413.47 | 572.28 | 678.16 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1,280.52 | 1,280.52 | 1,280.52 | |||||
| (+) Excess Retained per Share | 413.47 | 572.28 | 678.16 | |||||
| Adjusted Dividend | 1,693.99 | 1,852.80 | 1,958.68 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 1,852.80 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 10.8% | 11.3% | 11.8% | 12.3% | 12.8% | |||
| 1.0% | 19,193.12 | 18,256.87 | 17,407.71 | 16,634.03 | 15,926.20 | |||
| 2.0% | 21,598.36 | 20,430.88 | 19,383.15 | 18,437.63 | 17,580.06 | |||
| 3.0% | 24,624.32 | 23,131.94 | 21,810.11 | 20,631.19 | 19,573.18 | |||
| 4.0% | 28,546.86 | 26,578.11 | 24,863.39 | 23,356.52 | 22,021.86 | |||
| 5.0% | 33,833.75 | 31,127.05 | 28,821.35 | 26,833.67 | 25,102.46 | |||