Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

N.D. Rubber Public Company Limited (NDR.BK)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$0.11 - $0.17$0.14
Multi-Stage$0.16 - $0.18$0.17
Blended Fair Value$0.15
Current Price$1.23
Upside-87.50%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.58%-10.99%0.040.020.020.030.000.020.000.050.030.04
YoY Growth--149.95%-33.35%-34.22%0.00%-100.00%1,428.96%-96.99%59.03%-24.52%-68.74%
Dividend Yield--2.96%0.74%1.08%1.05%0.00%2.33%0.07%1.52%0.70%0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6.13
(-) Cash Dividends Paid (M)0.00
(=) Cash Retained (M)6.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.230.770.46
Cash Retained (M)6.136.136.13
(-) Cash Required (M)-1.23-0.77-0.46
(=) Excess Retained (M)4.905.365.67
(/) Shares Outstanding (M)456.89456.89456.89
(=) Excess Retained per Share0.010.010.01
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.010.010.01
(=) Adjusted Dividend0.010.010.01
WACC / Discount Rate9.03%9.03%9.03%
Growth Rate-0.45%0.55%1.55%
Fair Value$0.11$0.14$0.17
Upside / Downside-90.84%-88.69%-86.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6.136.166.206.236.266.306.49
Payout Ratio0.03%18.02%36.02%54.01%72.01%90.00%92.50%
Projected Dividends (M)0.001.112.233.364.515.676.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.03%9.03%9.03%
Growth Rate-0.45%0.55%1.55%
Year 1 PV (M)1.011.021.03
Year 2 PV (M)1.841.881.91
Year 3 PV (M)2.522.602.67
Year 4 PV (M)3.073.193.32
Year 5 PV (M)3.503.683.87
PV of Terminal Value (M)61.4064.5467.82
Equity Value (M)73.3376.9180.62
Shares Outstanding (M)456.89456.89456.89
Fair Value$0.16$0.17$0.18
Upside / Downside-86.95%-86.32%-85.65%

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