Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hwa Fong Rubber (Thailand) Public Company Limited (HFT.BK)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$4.61 - $7.56$5.92
Multi-Stage$7.01 - $7.71$7.36
Blended Fair Value$6.64
Current Price$4.20
Upside58.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS30.87%14.39%0.570.380.420.310.140.150.200.100.200.15
YoY Growth--51.49%-10.60%34.90%117.35%-3.33%-25.05%100.00%-50.00%33.33%0.00%
Dividend Yield--15.51%9.06%7.95%3.79%2.10%6.64%6.75%2.65%3.97%2.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)270.18
(-) Cash Dividends Paid (M)2.21
(=) Cash Retained (M)267.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)54.0433.7720.26
Cash Retained (M)267.97267.97267.97
(-) Cash Required (M)-54.04-33.77-20.26
(=) Excess Retained (M)213.93234.20247.71
(/) Shares Outstanding (M)663.76663.76663.76
(=) Excess Retained per Share0.320.350.37
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.320.350.37
(=) Adjusted Dividend0.330.360.38
WACC / Discount Rate7.48%7.48%7.48%
Growth Rate0.38%1.38%2.38%
Fair Value$4.61$5.92$7.56
Upside / Downside9.65%40.99%80.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)270.18273.92277.71281.55285.44289.39298.08
Payout Ratio0.82%18.65%36.49%54.33%72.16%90.00%92.50%
Projected Dividends (M)2.2151.10101.34152.96205.99260.45275.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.48%7.48%7.48%
Growth Rate0.38%1.38%2.38%
Year 1 PV (M)47.0747.5448.01
Year 2 PV (M)86.0087.7289.46
Year 3 PV (M)119.58123.19126.87
Year 4 PV (M)148.35154.35160.53
Year 5 PV (M)172.80181.58190.71
PV of Terminal Value (M)4,081.784,289.194,504.93
Equity Value (M)4,655.584,883.575,120.52
Shares Outstanding (M)663.76663.76663.76
Fair Value$7.01$7.36$7.71
Upside / Downside67.00%75.18%83.68%

High-Yield Dividend Screener

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