Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pinthong Industrial Park Property Fund (PPF.BK)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$6.07 - $8.59$7.31
Multi-Stage$9.96 - $10.88$10.41
Blended Fair Value$8.86
Current Price$10.30
Upside-13.95%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20232022202120202019
DPS0.00%0.00%0.740.690.720.740.670.000.000.000.000.00
YoY Growth--7.97%-4.09%-2.70%10.58%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--7.20%6.08%0.00%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)208.54
(-) Cash Dividends Paid (M)169.10
(=) Cash Retained (M)39.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.7126.0715.64
Cash Retained (M)39.4439.4439.44
(-) Cash Required (M)-41.71-26.07-15.64
(=) Excess Retained (M)-2.2713.3723.80
(/) Shares Outstanding (M)224.51224.51224.51
(=) Excess Retained per Share-0.010.060.11
LTM Dividend per Share0.750.750.75
(+) Excess Retained per Share-0.010.060.11
(=) Adjusted Dividend0.740.810.86
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$6.07$7.31$8.59
Upside / Downside-41.08%-28.98%-16.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)208.54206.45204.39202.34200.32198.32204.27
Payout Ratio81.09%82.87%84.65%86.44%88.22%90.00%92.50%
Projected Dividends (M)169.10171.09173.02174.90176.72178.49188.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)153.96155.54157.11
Year 2 PV (M)140.12142.99145.90
Year 3 PV (M)127.46131.40135.43
Year 4 PV (M)115.90120.70125.65
Year 5 PV (M)105.34110.83116.54
PV of Terminal Value (M)1,593.061,676.021,762.39
Equity Value (M)2,235.852,337.482,443.01
Shares Outstanding (M)224.51224.51224.51
Fair Value$9.96$10.41$10.88
Upside / Downside-3.31%1.08%5.65%

High-Yield Dividend Screener

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