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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₩4,468 - ₩5,166 | ₩4,887 |
| Adjusted Dividend Yield | 10.1% - 11.7% | 11.1% |
| Perpetuity Growth Rate | 3.8% - 4.3% | 4.0% |
| Discount Rate | 12.3% - 10.3% | 11.3% |
| Fair Value | ₩54,538 - ₩89,765 | ₩70,104 |
| Upside | 23.5% - 103.3% | 58.8% |
| Calculate Adjusted Dividend | ||||||||
| (KRW in millions) | Latest | Notes | ||||||
| Net Income To Common | 228,905 | |||||||
| (-) Cash Dividends Paid | (23,680) | |||||||
| (=) Cash Retained | 205,225 | 89.7% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 228,905 | 228,905 | 228,905 | |||||
| (=) Cash Required | 45,781 | 28,613 | 17,168 | |||||
| Cash Retained | 205,225 | 205,225 | 205,225 | |||||
| (-) Cash Required | (45,781) | (28,613) | (17,168) | |||||
| (=) Excess Retained | 159,444 | 176,612 | 188,057 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (KRW) | 159,444 | 176,612 | 188,057 | |||||
| (/) Shares Outstanding | 41.0 | 41.0 | 41.0 | |||||
| (=) Excess Retained per Share | 3,890.40 | 4,309.30 | 4,588.56 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 577.78 | 577.78 | 577.78 | |||||
| (+) Excess Retained per Share | 3,890.40 | 4,309.30 | 4,588.56 | |||||
| Adjusted Dividend | 4,468.19 | 4,887.08 | 5,166.34 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 4,887.08 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 10.3% | 10.8% | 11.3% | 11.8% | 12.3% | |||
| 2.0% | 60,422.07 | 56,969.38 | 53,889.96 | 51,126.37 | 48,632.40 | |||
| 3.0% | 69,430.23 | 64,950.86 | 61,014.45 | 57,527.91 | 54,418.29 | |||
| 4.0% | 81,321.00 | 75,297.22 | 70,104.31 | 65,581.45 | 61,606.82 | |||
| 5.0% | 97,741.59 | 89,242.32 | 82,102.93 | 76,021.24 | 70,778.39 | |||
| 6.0% | 121,889.51 | 109,059.04 | 98,672.46 | 90,092.25 | 82,884.87 | |||