Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

2S Metal Public Company Limited (2S.BK)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$2.26 - $4.26$3.07
Multi-Stage$2.05 - $2.24$2.14
Blended Fair Value$2.61
Current Price$2.20
Upside18.43%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.65%11.25%0.190.300.250.480.060.110.130.100.100.05
YoY Growth---36.67%22.23%-48.57%733.32%-50.00%-11.89%32.41%0.00%80.00%-16.67%
Dividend Yield--8.80%9.74%7.82%9.09%1.18%8.36%6.81%3.00%2.18%3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)79.04
(-) Cash Dividends Paid (M)60.50
(=) Cash Retained (M)18.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.819.885.93
Cash Retained (M)18.5418.5418.54
(-) Cash Required (M)-15.81-9.88-5.93
(=) Excess Retained (M)2.738.6612.61
(/) Shares Outstanding (M)550.00550.00550.00
(=) Excess Retained per Share0.000.020.02
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share0.000.020.02
(=) Adjusted Dividend0.110.130.13
WACC / Discount Rate9.98%9.98%9.98%
Growth Rate4.65%5.65%6.65%
Fair Value$2.26$3.07$4.26
Upside / Downside2.62%39.48%93.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)79.0483.5188.2393.2298.49104.06107.18
Payout Ratio76.54%79.24%81.93%84.62%87.31%90.00%92.50%
Projected Dividends (M)60.5066.1772.2878.8885.9993.6599.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.98%9.98%9.98%
Growth Rate4.65%5.65%6.65%
Year 1 PV (M)59.5960.1660.73
Year 2 PV (M)58.6359.7660.89
Year 3 PV (M)57.6259.2960.99
Year 4 PV (M)56.5758.7761.02
Year 5 PV (M)55.4958.1961.00
PV of Terminal Value (M)841.15882.11924.66
Equity Value (M)1,129.061,178.281,229.29
Shares Outstanding (M)550.00550.00550.00
Fair Value$2.05$2.14$2.24
Upside / Downside-6.69%-2.62%1.60%

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