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TQR Public Company Limited (TQR.BK)

Company Dividend Discount ModelIndustry: Insurance - ReinsuranceSector: Financial Services

Valuation Snapshot

Stable Growth$24.42 - $85.87$80.47
Multi-Stage$11.47 - $12.53$11.99
Blended Fair Value$46.23
Current Price$5.40
Upside756.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS11.37%0.00%0.410.420.290.180.470.240.100.000.000.00
YoY Growth---3.30%44.71%63.69%-61.83%95.91%143.71%0.00%0.00%0.00%0.00%
Dividend Yield--8.27%6.01%2.42%1.48%2.21%4.69%1.93%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)99.31
(-) Cash Dividends Paid (M)89.93
(=) Cash Retained (M)9.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)19.8612.417.45
Cash Retained (M)9.389.389.38
(-) Cash Required (M)-19.86-12.41-7.45
(=) Excess Retained (M)-10.48-3.041.93
(/) Shares Outstanding (M)230.00230.00230.00
(=) Excess Retained per Share-0.05-0.010.01
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share-0.05-0.010.01
(=) Adjusted Dividend0.350.380.40
WACC / Discount Rate6.99%6.99%6.99%
Growth Rate5.50%6.50%7.50%
Fair Value$24.42$80.47$85.87
Upside / Downside352.24%1,390.22%1,490.17%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)99.31105.76112.64119.96127.76136.06140.14
Payout Ratio90.56%90.44%90.33%90.22%90.11%90.00%92.50%
Projected Dividends (M)89.9395.66101.75108.23115.12122.45129.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.99%6.99%6.99%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)88.5789.4190.25
Year 2 PV (M)87.2288.8890.56
Year 3 PV (M)85.9088.3790.88
Year 4 PV (M)84.6087.8591.20
Year 5 PV (M)83.3287.3491.52
PV of Terminal Value (M)2,209.262,315.972,426.76
Equity Value (M)2,638.862,757.822,881.16
Shares Outstanding (M)230.00230.00230.00
Fair Value$11.47$11.99$12.53
Upside / Downside112.47%122.05%131.98%

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