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

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$5.32 - $8.26$6.68
Multi-Stage$12.22 - $13.46$12.83
Blended Fair Value$9.76
Current Price$3.22
Upside203.00%
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 Rate6.34%6.34%6.34%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.32$6.68$8.26
Upside / Downside65.27%107.47%156.47%

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 Rate6.34%6.34%6.34%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)268.52271.26274.00
Year 2 PV (M)302.31308.51314.77
Year 3 PV (M)329.13339.31349.70
Year 4 PV (M)349.89364.39379.34
Year 5 PV (M)365.37384.39404.20
PV of Terminal Value (M)11,570.6212,173.1312,800.48
Equity Value (M)13,185.8413,841.0014,522.50
Shares Outstanding (M)1,078.611,078.611,078.61
Fair Value$12.22$12.83$13.46
Upside / Downside279.65%298.52%318.14%

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