Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Asia Medical and Agricultural Laboratory and Research Center Public Company Limited (AMARC.BK)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$7.13 - $15.68$10.25
Multi-Stage$5.27 - $5.75$5.51
Blended Fair Value$7.88
Current Price$3.24
Upside143.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS75.35%0.00%0.080.100.040.020.010.000.010.000.000.00
YoY Growth---20.91%179.48%100.00%25.00%200.00%-50.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.58%7.08%1.37%0.62%0.49%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)152.64
(-) Cash Dividends Paid (M)58.77
(=) Cash Retained (M)93.87
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30.5319.0811.45
Cash Retained (M)93.8793.8793.87
(-) Cash Required (M)-30.53-19.08-11.45
(=) Excess Retained (M)63.3474.7982.42
(/) Shares Outstanding (M)420.00420.00420.00
(=) Excess Retained per Share0.150.180.20
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.150.180.20
(=) Adjusted Dividend0.290.320.34
WACC / Discount Rate9.80%9.80%9.80%
Growth Rate5.50%6.50%7.50%
Fair Value$7.13$10.25$15.68
Upside / Downside119.92%216.29%383.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)152.64162.56173.13184.38196.37209.13215.40
Payout Ratio38.50%48.80%59.10%69.40%79.70%90.00%92.50%
Projected Dividends (M)58.7779.33102.32127.96156.51188.22199.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.80%9.80%9.80%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)71.5772.2572.93
Year 2 PV (M)83.2884.8686.47
Year 3 PV (M)93.9696.6599.40
Year 4 PV (M)103.67107.66111.76
Year 5 PV (M)112.48117.91123.55
PV of Terminal Value (M)1,749.811,834.331,922.08
Equity Value (M)2,214.772,313.672,416.19
Shares Outstanding (M)420.00420.00420.00
Fair Value$5.27$5.51$5.75
Upside / Downside62.76%70.02%77.56%

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