Re:LG생활건강 보통주와 우선주의 괴리율

<TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH vAlign=center align=middle width=156 colSpan=2>종 류</TH> <TH vAlign=center align=middle width=74>12월</TH> <TH vAlign=center align=middle width=74>11월</TH> <TH vAlign=center align=middle width=74>10월</TH> <TH vAlign=center align=middle width=74>9월</TH> <TH vAlign=center align=middle width=74>8월</TH> <TH vAlign=center align=middle width=74>7월</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=center align=middle width=94 rowSpan=2>보통주</TD> <TD vAlign=center align=middle width=62>최 고</TD> <TD vAlign=center align=right width=74> 136,500</TD> <TD vAlign=center align=right width=74> 109,500</TD> <TD vAlign=center align=right width=74> 90,400</TD> <TD vAlign=center align=right width=74> 79,000</TD> <TD vAlign=center align=right width=74> 77,500</TD> <TD vAlign=center align=right width=74> 82,700</TD></TR> <TR> <TD vAlign=center align=middle width=62>최 저</TD> <TD vAlign=center align=right width=74> 99,900</TD> <TD vAlign=center align=right width=74> 88,600</TD> <TD vAlign=center align=right width=74> 72,000</TD> <TD vAlign=center align=right width=74> 71,200</TD> <TD vAlign=center align=right width=74> 69,500</TD> <TD vAlign=center align=right width=74> 70,000</TD></TR> <TR> <TD vAlign=center align=middle width=156 colSpan=2>월간거래량</TD> <TD vAlign=center align=right width=74> 729</TD> <TD vAlign=center align=right width=74> 972</TD> <TD vAlign=center align=right width=74> 914</TD> <TD vAlign=center align=right width=74> 980</TD> <TD vAlign=center align=right width=74> 813</TD> <TD vAlign=center align=right width=74> 920</TD></TR> <TR> <TD vAlign=center align=middle width=94 rowSpan=2>우선주</TD> <TD vAlign=center align=middle width=62>최 고</TD> <TD vAlign=center align=right width=74> 51,900</TD> <TD vAlign=center align=right width=74> 48,500</TD> <TD vAlign=center align=right width=74> 41,200</TD> <TD vAlign=center align=right width=74> 37,400</TD> <TD vAlign=center align=right width=74> 37,300</TD> <TD vAlign=center align=right width=74> 38,000</TD></TR> <TR> <TD vAlign=center align=middle width=62>최 저</TD> <TD vAlign=center align=right width=74> 44,800</TD> <TD vAlign=center align=right width=74> 40,600</TD> <TD vAlign=center align=right width=74> 33,600</TD> <TD vAlign=center align=right width=74> 34,000</TD> <TD vAlign=center align=right width=74> 35,300</TD> <TD vAlign=center align=right width=74> 34,950</TD></TR> <TR> <TD vAlign=center align=middle width=156 colSpan=2>월간거래량</TD> <TD vAlign=center align=right width=74> 35</TD> <TD vAlign=center align=right width=74> 22</TD> <TD vAlign=center align=right width=74> 14</TD> <TD vAlign=center align=right width=74> 30</TD> <TD vAlign=center align=right width=74> 16</TD> <TD vAlign=center align=right width=74> 55</TD></TR></TBODY></TABLE> 우선 주가 동향입니다.   우선주가 주당 50원 더 배당 받네요~~~ 헐   그래서 보통주가  1,000원 배당 받고, 우선주는 1,050원 받습니다.   대략적 계산은 roe=순이익/자기자본  ,간단히 6기 순이익:52,950 , 자본총계:315,000   하면 16%나오네요.   그리고 주당순이익이 3,050원정도 되네요...   배당증가율은 는 대략 4기->6기 로 총 40%증가 그래서 연간 18% 라고 잡고, 순익의 33%배당주니까   <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=599 borderColorLight=black border=1> <THEAD> <TR> <TH vAlign=center align=middle width=221 colSpan=2>구   분</TH> <TH vAlign=center align=middle width=126>제6기</TH> <TH vAlign=center align=middle width=126>제5기</TH> <TH vAlign=center align=middle width=126>제4기</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=center align=middle width=221 colSpan=2>주당액면가액 (원)</TD> <TD vAlign=top align=right width=126>5,000</TD> <TD vAlign=top align=right width=126>5,000</TD> <TD vAlign=top align=right width=126>5,000</TD></TR> <TR> <TD vAlign=center align=middle width=221 colSpan=2>당기순이익 (백만원)</TD> <TD vAlign=top align=right width=126>52,950</TD> <TD vAlign=top align=right width=126>71,879</TD> <TD vAlign=top align=right width=126>36,502</TD></TR> <TR> <TD vAlign=center align=middle width=221 colSpan=2>주당순이익 (원)</TD> <TD vAlign=top align=right width=126>3,047</TD> <TD vAlign=top align=right width=126>4,057</TD> <TD vAlign=top align=right width=126>2,057</TD></TR> <TR> <TD vAlign=center align=middle width=221 colSpan=2>배당가능이익 (백만원)</TD> <TD vAlign=top align=right width=126>191,127</TD> <TD vAlign=top align=right width=126>157,596</TD> <TD vAlign=top align=right width=126>99,093</TD></TR> <TR> <TD vAlign=center align=middle width=221 colSpan=2>현금배당금총액 (백만원)</TD> <TD vAlign=top align=right width=126>17,699</TD> <TD vAlign=top align=right width=126>17,798</TD> <TD vAlign=top align=right width=126>13,374</TD></TR> <TR> <TD vAlign=center align=middle width=221 colSpan=2>주식배당금총액 (백만원)</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD></TR> <TR> <TD vAlign=center align=middle width=221 colSpan=2>현금배당성향 (%)</TD> <TD vAlign=top align=right width=126>33.4</TD> <TD vAlign=top align=right width=126>24.8</TD> <TD vAlign=top align=right width=126>36.7</TD></TR> <TR> <TD vAlign=center align=middle width=150 rowSpan=2>현금배당수익률 (%)</TD> <TD vAlign=center align=middle width=71>보통주</TD> <TD vAlign=top align=right width=126>0.8</TD> <TD vAlign=top align=right width=126>1.8</TD> <TD vAlign=top align=right width=126>2.61</TD></TR> <TR> <TD vAlign=center align=middle width=71>우선주</TD> <TD vAlign=top align=right width=126>2.2</TD> <TD vAlign=top align=right width=126>3.3</TD> <TD vAlign=top align=right width=126>3.94</TD></TR> <TR> <TD vAlign=center align=middle width=150 rowSpan=2>주식배당수익률 (%)</TD> <TD vAlign=center align=middle width=71>보통주</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD></TR> <TR> <TD vAlign=center align=middle width=71>우선주</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD></TR> <TR> <TD vAlign=center align=middle width=150 rowSpan=2>주당 현금배당금 (원)</TD> <TD vAlign=center align=middle width=71>보통주</TD> <TD vAlign=top align=right width=126>1,050</TD> <TD vAlign=top align=right width=126>1,000</TD> <TD vAlign=top align=right width=126>750</TD></TR> <TR> <TD vAlign=center align=middle width=71>우선주</TD> <TD vAlign=top align=right width=126>1,100</TD> <TD vAlign=top align=right width=126>1,050</TD> <TD vAlign=top align=right width=126>800</TD></TR> <TR> <TD vAlign=center align=middle width=150 rowSpan=2>주당 주식배당금 (주)</TD> <TD vAlign=center align=middle width=71>보통주</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD></TR> <TR> <TD vAlign=center align=middle width=71>우선주</TD> <TD vAlign=top align=right width=126>-</TD> <TD vAlign=top align=right width=126>-</TD></TR></TBODY></TABLE>   배당 할인모형으로 하면....   성장률은 (1-0.33)*018=0.11 ....11%성장률   이론가격은  3,050*0.33*1.11/(0.16-0.11)=22,570   제 개인적인 생각으로는   우선주가 적정평가 되었다고 보고, 보통주가 아마도 경영권 때문에 높게 평가 되지 않았나 싶습니다.   우선주가 배당에 매력이 있어야 하는데... 보통주보다 50원 더 받아서 뭐합니까?   경영권이 상당히 그에 비해 선호 되는 듯 싶습니다.   우리나라의 특성이기도 한것 같드라구요.....