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Thai Eastern Group Holdings Public Company Limited (TEGH.BK)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$5.33 - $8.28$6.70
Multi-Stage$12.29 - $13.54$12.90
Blended Fair Value$9.80
Current Price$3.22
Upside204.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.100.260.750.000.000.000.000.000.000.00
YoY Growth---61.54%-65.33%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.34%8.29%16.33%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)610.80
(-) Cash Dividends Paid (M)226.80
(=) Cash Retained (M)384.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)122.1676.3545.81
Cash Retained (M)384.00384.00384.00
(-) Cash Required (M)-122.16-76.35-45.81
(=) Excess Retained (M)261.84307.65338.19
(/) Shares Outstanding (M)1,078.611,078.611,078.61
(=) Excess Retained per Share0.240.290.31
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share0.240.290.31
(=) Adjusted Dividend0.450.500.52
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.33$6.70$8.28
Upside / Downside65.62%107.98%157.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)610.80604.69598.64592.66586.73580.86598.29
Payout Ratio37.13%47.71%58.28%68.85%79.43%90.00%92.50%
Projected Dividends (M)226.80288.47348.88408.06466.02522.78553.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)268.57271.31274.05
Year 2 PV (M)302.41308.61314.88
Year 3 PV (M)329.30339.49349.88
Year 4 PV (M)350.13364.64379.60
Year 5 PV (M)365.68384.72404.55
PV of Terminal Value (M)11,643.1112,249.3912,880.68
Equity Value (M)13,259.2013,918.1614,603.63
Shares Outstanding (M)1,078.611,078.611,078.61
Fair Value$12.29$12.90$13.54
Upside / Downside281.77%300.74%320.48%

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