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Asian Marine Services Public Company Limited (ASIMAR.BK)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Industrials

Valuation Snapshot

Stable Growth$4.42 - $11.27$6.67
Multi-Stage$4.42 - $4.84$4.62
Blended Fair Value$5.65
Current Price$1.34
Upside321.44%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.33%-6.09%0.080.040.100.100.050.100.200.120.200.12
YoY Growth--99.96%-60.00%0.00%90.50%-47.41%-49.94%66.81%-40.00%66.66%-20.30%
Dividend Yield--5.71%2.34%5.95%4.46%2.00%12.80%9.87%4.07%6.87%3.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)51.19
(-) Cash Dividends Paid (M)30.99
(=) Cash Retained (M)20.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.246.403.84
Cash Retained (M)20.2020.2020.20
(-) Cash Required (M)-10.24-6.40-3.84
(=) Excess Retained (M)9.9613.8016.36
(/) Shares Outstanding (M)258.28258.28258.28
(=) Excess Retained per Share0.040.050.06
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.040.050.06
(=) Adjusted Dividend0.160.170.18
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate3.53%4.53%5.53%
Fair Value$4.42$6.67$11.27
Upside / Downside229.55%397.86%740.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)51.1953.5155.9458.4761.1263.8965.81
Payout Ratio60.54%66.43%72.32%78.22%84.11%90.00%92.50%
Projected Dividends (M)30.9935.5540.4545.7351.4157.5060.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate3.53%4.53%5.53%
Year 1 PV (M)32.8333.1433.46
Year 2 PV (M)34.5035.1735.85
Year 3 PV (M)36.0237.0738.15
Year 4 PV (M)37.3938.8540.36
Year 5 PV (M)38.6240.5242.50
PV of Terminal Value (M)961.951,009.311,058.52
Equity Value (M)1,141.301,194.071,248.83
Shares Outstanding (M)258.28258.28258.28
Fair Value$4.42$4.62$4.84
Upside / Downside229.76%245.01%260.83%

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