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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₩137.11 - ₩158.53 | ₩149.96 |
| Adjusted Dividend Yield | 5.4% - 6.3% | 5.9% |
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 9.5% - 7.5% | 8.5% |
| Fair Value | ₩1,443 - ₩2,192 | ₩1,764 |
| Upside | -43.1% - -13.5% | -30.4% |
| Calculate Adjusted Dividend | ||||||||
| (KRW in millions) | Latest | Notes | ||||||
| Net Income To Common | 3,783 | |||||||
| (-) Cash Dividends Paid | 0 | |||||||
| (=) Cash Retained | 3,783 | 100.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 3,783 | 3,783 | 3,783 | |||||
| (=) Cash Required | 757 | 473 | 284 | |||||
| Cash Retained | 3,783 | 3,783 | 3,783 | |||||
| (-) Cash Required | (757) | (473) | (284) | |||||
| (=) Excess Retained | 3,027 | 3,310 | 3,500 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (KRW) | 3,027 | 3,310 | 3,500 | |||||
| (/) Shares Outstanding | 22.1 | 22.1 | 22.1 | |||||
| (=) Excess Retained per Share | 137.11 | 149.96 | 158.53 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.00 | 0.00 | 0.00 | |||||
| (+) Excess Retained per Share | 137.11 | 149.96 | 158.53 | |||||
| Adjusted Dividend | 137.11 | 149.96 | 158.53 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 149.96 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.5% | 8.0% | 8.5% | 9.0% | 9.5% | |||
| 0.0% | 1,999.49 | 1,874.52 | 1,764.26 | 1,666.24 | 1,578.55 | |||
| 0.0% | 1,999.49 | 1,874.52 | 1,764.26 | 1,666.24 | 1,578.55 | |||
| 0.0% | 1,999.49 | 1,874.52 | 1,764.26 | 1,666.24 | 1,578.55 | |||
| 1.0% | 2,330.18 | 2,163.74 | 2,019.49 | 1,893.27 | 1,781.90 | |||
| 2.0% | 2,781.11 | 2,549.35 | 2,353.25 | 2,185.16 | 2,039.48 | |||