Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Infraset Public Company Limited (INSET.BK)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$0.62 - $0.89$0.75
Multi-Stage$1.10 - $1.20$1.15
Blended Fair Value$0.95
Current Price$1.48
Upside-35.78%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-12.59%0.00%0.050.080.160.060.110.100.180.110.000.00
YoY Growth---40.12%-49.34%195.28%-47.06%7.59%-46.91%68.54%0.00%0.00%0.00%
Dividend Yield--2.43%3.69%5.28%0.94%2.71%4.95%7.53%4.47%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)69.76
(-) Cash Dividends Paid (M)65.02
(=) Cash Retained (M)4.74
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.958.725.23
Cash Retained (M)4.744.744.74
(-) Cash Required (M)-13.95-8.72-5.23
(=) Excess Retained (M)-9.21-3.98-0.49
(/) Shares Outstanding (M)812.77812.77812.77
(=) Excess Retained per Share-0.010.000.00
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share-0.010.000.00
(=) Adjusted Dividend0.070.080.08
WACC / Discount Rate8.93%8.93%8.93%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.62$0.75$0.89
Upside / Downside-58.40%-49.41%-39.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)69.7669.0668.3767.6967.0166.3468.33
Payout Ratio93.21%92.56%91.92%91.28%90.64%90.00%92.50%
Projected Dividends (M)65.0263.9362.8561.7960.7459.7163.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.93%8.93%8.93%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)58.0958.6859.28
Year 2 PV (M)51.9052.9754.04
Year 3 PV (M)46.3747.8049.26
Year 4 PV (M)41.4243.1444.91
Year 5 PV (M)37.0038.9340.94
PV of Terminal Value (M)660.54694.93730.75
Equity Value (M)895.32936.45979.17
Shares Outstanding (M)812.77812.77812.77
Fair Value$1.10$1.15$1.20
Upside / Downside-25.57%-22.15%-18.60%

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