Discounted Cash Flow

Shinhan Financial Group Co. Ltd. ADR

SHG · Based on 10 years of SEC filings · Converted from KRW to USD

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $7.2t $2.0b $2.7b 0.0%
2017 $7.8t (8.8%) $2.1b (5.2%) $720.0m (-73.1%) 0.0% (-3.4%)
2018 $8.6t (9.4%) $2.2b (8.2%) $-4.6b (-733.7%) 0.0% (-1.1%)
2019 $142.0b (-98.3%) $2.4b (7.8%) $4.7b (204.1%) 1.7% (6413.5%)
2020 $245.2b (72.6%) $2.4b (0.3%) $-3.2b (-167.7%) 1.0% (-41.9%)
2021 $365.4b (49.1%) $2.8b (17.7%) $7.8b (343.0%) 0.8% (-21.0%)
2022 $478.4b (30.9%) $3.3b (15.5%) $4.7b (-40.0%) 0.7% (-11.8%)
2023 $600.3b (25.5%) $3.1b (-5.9%) $-131.4m (-102.8%) 0.5% (-25.0%) $8048.00
2024 $74.1t (12238.2%) $3.1b (1.9%) $2.7b (2164.2%) 0.0% (-99.2%) $8441.00 (4.9%)
2025 $3.6b (14.3%) $6.4b (136.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in KRW. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model