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Kijcharoen Engineering Electric Public Company Limited (KJL.BK)

Company Dividend Discount ModelIndustry: Manufacturing - Metal FabricationSector: Industrials

Valuation Snapshot

Stable Growth$6.76 - $10.41$8.46
Multi-Stage$15.35 - $16.87$16.10
Blended Fair Value$12.28
Current Price$6.40
Upside91.86%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.470.460.670.460.000.000.000.000.000.00
YoY Growth--0.83%-30.34%44.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.74%5.92%4.70%5.21%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)171.71
(-) Cash Dividends Paid (M)125.46
(=) Cash Retained (M)46.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34.3421.4612.88
Cash Retained (M)46.2646.2646.26
(-) Cash Required (M)-34.34-21.46-12.88
(=) Excess Retained (M)11.9124.7933.38
(/) Shares Outstanding (M)232.00232.00232.00
(=) Excess Retained per Share0.050.110.14
LTM Dividend per Share0.540.540.54
(+) Excess Retained per Share0.050.110.14
(=) Adjusted Dividend0.590.650.68
WACC / Discount Rate6.58%6.58%6.58%
Growth Rate-2.00%-1.00%0.00%
Fair Value$6.76$8.46$10.41
Upside / Downside5.70%32.20%62.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)171.71169.99168.29166.61164.95163.30168.19
Payout Ratio73.06%76.45%79.84%83.22%86.61%90.00%92.50%
Projected Dividends (M)125.46129.96134.36138.66142.86146.97155.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.58%6.58%6.58%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)120.71121.94123.17
Year 2 PV (M)115.91118.29120.69
Year 3 PV (M)111.10114.54118.05
Year 4 PV (M)106.32110.73115.27
Year 5 PV (M)101.59106.88112.38
PV of Terminal Value (M)3,005.603,162.113,325.07
Equity Value (M)3,561.233,734.483,914.63
Shares Outstanding (M)232.00232.00232.00
Fair Value$15.35$16.10$16.87
Upside / Downside139.85%151.52%163.65%

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