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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₩6,429 - ₩7,434 | ₩7,032 |
| Adjusted Dividend Yield | 3.7% - 4.3% | 4.1% |
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.9% - 9.9% | 10.9% |
| Fair Value | ₩121,441 - ₩253,938 | ₩171,178 |
| Upside | -29.2% - 48.1% | -0.2% |
| Calculate Adjusted Dividend | ||||||||
| (KRW in millions) | Latest | Notes | ||||||
| Net Income To Common | 238,695 | |||||||
| (-) Cash Dividends Paid | (82,802) | |||||||
| (=) Cash Retained | 155,893 | 65.3% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 238,695 | 238,695 | 238,695 | |||||
| (=) Cash Required | 47,739 | 29,837 | 17,902 | |||||
| Cash Retained | 155,893 | 155,893 | 155,893 | |||||
| (-) Cash Required | (47,739) | (29,837) | (17,902) | |||||
| (=) Excess Retained | 108,154 | 126,056 | 137,991 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (KRW) | 108,154 | 126,056 | 137,991 | |||||
| (/) Shares Outstanding | 29.7 | 29.7 | 29.7 | |||||
| (=) Excess Retained per Share | 3,641.39 | 4,244.12 | 4,645.95 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 2,787.82 | 2,787.82 | 2,787.82 | |||||
| (+) Excess Retained per Share | 3,641.39 | 4,244.12 | 4,645.95 | |||||
| Adjusted Dividend | 6,429.21 | 7,031.95 | 7,433.77 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 7,031.95 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.9% | 10.4% | 10.9% | 11.4% | 11.9% | |||
| 4.5% | 136,714.16 | 125,078.91 | 115,268.80 | 106,885.61 | 99,639.13 | |||
| 5.5% | 169,570.41 | 152,178.57 | 138,022.43 | 126,275.84 | 116,371.85 | |||
| 6.5% | 221,897.03 | 193,265.16 | 171,177.71 | 153,621.02 | 139,330.70 | |||
| 7.5% | 318,288.19 | 262,933.72 | 223,980.58 | 195,079.86 | 172,785.02 | |||
| 8.5% | 554,884.65 | 406,915.41 | 321,249.01 | 265,379.61 | 226,064.12 | |||