Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ComfortDelGro Corporation Limited (C52.SI)

Company Dividend Discount ModelIndustry: RailroadsSector: Industrials

Valuation Snapshot

Stable Growth$1.45 - $2.12$1.77
Multi-Stage$2.81 - $3.08$2.94
Blended Fair Value$2.36
Current Price$1.43
Upside64.86%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.33%-0.48%0.070.070.060.040.050.110.100.100.090.08
YoY Growth--2.27%11.90%80.13%-33.25%-50.33%2.49%0.09%12.79%9.26%10.34%
Dividend Yield--4.92%5.05%5.17%2.52%3.17%4.47%4.83%5.16%3.73%2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)418.50
(-) Cash Dividends Paid (M)259.30
(=) Cash Retained (M)159.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)83.7052.3131.39
Cash Retained (M)159.20159.20159.20
(-) Cash Required (M)-83.70-52.31-31.39
(=) Excess Retained (M)75.50106.89127.81
(/) Shares Outstanding (M)2,166.552,166.552,166.55
(=) Excess Retained per Share0.030.050.06
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.030.050.06
(=) Adjusted Dividend0.150.170.18
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate-2.48%-1.48%-0.48%
Fair Value$1.45$1.77$2.12
Upside / Downside1.31%23.85%47.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)418.50412.32406.24400.25394.34388.52400.18
Payout Ratio61.96%67.57%73.18%78.78%84.39%90.00%92.50%
Projected Dividends (M)259.30278.60297.27315.33332.79349.67370.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate-2.48%-1.48%-0.48%
Year 1 PV (M)255.51258.13260.75
Year 2 PV (M)250.05255.20260.41
Year 3 PV (M)243.27250.83258.54
Year 4 PV (M)235.47245.27255.38
Year 5 PV (M)226.91238.78251.15
PV of Terminal Value (M)4,875.235,130.355,396.05
Equity Value (M)6,086.436,378.586,682.29
Shares Outstanding (M)2,166.552,166.552,166.55
Fair Value$2.81$2.94$3.08
Upside / Downside96.45%105.88%115.69%

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