Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

QTC Energy Public Company Limited (QTC.BK)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$3.17 - $5.27$4.09
Multi-Stage$3.69 - $4.01$3.85
Blended Fair Value$3.97
Current Price$3.72
Upside6.70%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%4.95%0.210.200.260.200.270.000.000.020.190.11
YoY Growth--0.27%-22.70%35.09%-28.64%0.00%0.00%-100.00%-87.34%77.78%-14.29%
Dividend Yield--5.32%4.92%5.71%2.93%4.95%0.00%0.00%0.26%1.03%1.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)87.48
(-) Cash Dividends Paid (M)85.06
(=) Cash Retained (M)2.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.5010.946.56
Cash Retained (M)2.422.422.42
(-) Cash Required (M)-17.50-10.94-6.56
(=) Excess Retained (M)-15.07-8.51-4.14
(/) Shares Outstanding (M)331.72331.72331.72
(=) Excess Retained per Share-0.05-0.03-0.01
LTM Dividend per Share0.260.260.26
(+) Excess Retained per Share-0.05-0.03-0.01
(=) Adjusted Dividend0.210.230.24
WACC / Discount Rate9.82%9.82%9.82%
Growth Rate2.95%3.95%4.95%
Fair Value$3.17$4.09$5.27
Upside / Downside-14.91%10.01%41.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)87.4890.9494.5498.28102.16106.20109.39
Payout Ratio97.23%95.78%94.34%92.89%91.45%90.00%92.50%
Projected Dividends (M)85.0687.1189.1991.2993.4395.58101.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.82%9.82%9.82%
Growth Rate2.95%3.95%4.95%
Year 1 PV (M)78.5679.3280.09
Year 2 PV (M)72.5473.9675.39
Year 3 PV (M)66.9668.9370.94
Year 4 PV (M)61.8064.2466.75
Year 5 PV (M)57.0259.8562.78
PV of Terminal Value (M)885.66929.52975.09
Equity Value (M)1,222.551,275.821,331.04
Shares Outstanding (M)331.72331.72331.72
Fair Value$3.69$3.85$4.01
Upside / Downside-0.93%3.39%7.86%

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