Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Humanica Public Company Limited (HUMAN.BK)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$7.69 - $16.63$10.99
Multi-Stage$5.99 - $6.52$6.25
Blended Fair Value$8.62
Current Price$7.80
Upside10.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.54%0.00%0.260.200.140.110.090.090.060.230.000.00
YoY Growth--29.99%44.52%26.10%16.67%0.00%71.43%-76.49%0.00%0.00%0.00%
Dividend Yield--3.26%1.73%1.19%0.87%0.90%1.55%0.61%2.13%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)345.80
(-) Cash Dividends Paid (M)258.51
(=) Cash Retained (M)87.29
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)69.1643.2225.93
Cash Retained (M)87.2987.2987.29
(-) Cash Required (M)-69.16-43.22-25.93
(=) Excess Retained (M)18.1344.0661.35
(/) Shares Outstanding (M)864.58864.58864.58
(=) Excess Retained per Share0.020.050.07
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share0.020.050.07
(=) Adjusted Dividend0.320.350.37
WACC / Discount Rate9.89%9.89%9.89%
Growth Rate5.50%6.50%7.50%
Fair Value$7.69$10.99$16.63
Upside / Downside-1.47%40.86%113.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)345.80368.27392.21417.70444.85473.77487.98
Payout Ratio74.76%77.81%80.85%83.90%86.95%90.00%92.50%
Projected Dividends (M)258.51286.54317.12350.46386.81426.39451.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.89%9.89%9.89%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)258.29260.74263.19
Year 2 PV (M)257.69262.60267.55
Year 3 PV (M)256.72264.09271.59
Year 4 PV (M)255.41265.23275.34
Year 5 PV (M)253.80266.06278.79
PV of Terminal Value (M)3,898.284,086.564,282.06
Equity Value (M)5,180.185,405.285,638.51
Shares Outstanding (M)864.58864.58864.58
Fair Value$5.99$6.25$6.52
Upside / Downside-23.19%-19.85%-16.39%

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