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Arrow Syndicate Public Company Limited (ARROW.BK)

Company Dividend Discount ModelIndustry: ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$3.49 - $5.04$4.25
Multi-Stage$8.97 - $9.87$9.41
Blended Fair Value$6.83
Current Price$5.10
Upside33.91%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-6.66%1.18%0.350.350.450.450.550.490.490.590.590.26
YoY Growth--0.00%-22.22%0.60%-18.04%10.50%0.01%-16.34%0.51%129.77%-17.93%
Dividend Yield--6.73%5.34%6.29%5.42%6.42%8.37%5.78%4.84%3.39%1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)129.53
(-) Cash Dividends Paid (M)89.91
(=) Cash Retained (M)39.62
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.9116.199.71
Cash Retained (M)39.6239.6239.62
(-) Cash Required (M)-25.91-16.19-9.71
(=) Excess Retained (M)13.7123.4229.90
(/) Shares Outstanding (M)256.90256.90256.90
(=) Excess Retained per Share0.050.090.12
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share0.050.090.12
(=) Adjusted Dividend0.400.440.47
WACC / Discount Rate6.72%6.72%6.72%
Growth Rate-4.32%-3.32%-2.32%
Fair Value$3.49$4.25$5.04
Upside / Downside-31.48%-16.74%-1.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)129.53125.22121.06117.03113.14109.38112.66
Payout Ratio69.42%73.53%77.65%81.77%85.88%90.00%92.50%
Projected Dividends (M)89.9192.0894.0095.6997.1798.44104.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.72%6.72%6.72%
Growth Rate-4.32%-3.32%-2.32%
Year 1 PV (M)85.3986.2887.17
Year 2 PV (M)80.8482.5484.25
Year 3 PV (M)76.3278.7381.20
Year 4 PV (M)71.8674.9278.06
Year 5 PV (M)67.5171.1274.87
PV of Terminal Value (M)1,921.812,024.362,131.25
Equity Value (M)2,303.732,417.952,536.82
Shares Outstanding (M)256.90256.90256.90
Fair Value$8.97$9.41$9.87
Upside / Downside75.83%84.55%93.62%

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