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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₩173.30 - ₩200.38 | ₩189.54 |
| Adjusted Dividend Yield | 2.5% - 2.9% | 2.8% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.6% - 8.6% | 9.6% |
| Fair Value | ₩3,759 - ₩8,964 | ₩5,543 |
| Upside | -44.8% - 31.6% | -18.6% |
| Calculate Adjusted Dividend | ||||||||
| (KRW in millions) | Latest | Notes | ||||||
| Net Income To Common | 2,733 | |||||||
| (-) Cash Dividends Paid | (631) | |||||||
| (=) Cash Retained | 2,102 | 76.9% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 2,733 | 2,733 | 2,733 | |||||
| (=) Cash Required | 547 | 342 | 205 | |||||
| Cash Retained | 2,102 | 2,102 | 2,102 | |||||
| (-) Cash Required | (547) | (342) | (205) | |||||
| (=) Excess Retained | 1,555 | 1,760 | 1,897 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (KRW) | 1,555 | 1,760 | 1,897 | |||||
| (/) Shares Outstanding | 12.6 | 12.6 | 12.6 | |||||
| (=) Excess Retained per Share | 123.30 | 139.54 | 150.38 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 50.00 | 50.00 | 50.00 | |||||
| (+) Excess Retained per Share | 123.30 | 139.54 | 150.38 | |||||
| Adjusted Dividend | 173.30 | 189.54 | 200.38 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 189.54 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.6% | 9.1% | 9.6% | 10.1% | 10.6% | |||
| 4.0% | 4,262.19 | 3,846.37 | 3,504.47 | 3,218.39 | 2,975.49 | |||
| 5.0% | 5,490.26 | 4,824.77 | 4,303.18 | 3,883.35 | 3,538.17 | |||
| 6.0% | 7,653.99 | 6,429.36 | 5,542.55 | 4,870.72 | 4,344.16 | |||
| 7.0% | 12,480.79 | 9,544.13 | 7,726.20 | 6,490.01 | 5,594.84 | |||
| 8.0% | 32,753.32 | 18,196.29 | 12,597.43 | 9,633.33 | 7,798.41 | |||