Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Quality Houses Public Company Limited (QH-R.BK)

Company Dividend Discount ModelIndustry: Real Estate - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$0.89 - $1.24$1.07
Multi-Stage$2.57 - $2.83$2.70
Blended Fair Value$1.88
Current Price$1.36
Upside38.40%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.15%-0.53%0.130.150.110.110.170.210.210.150.160.07
YoY Growth---13.33%36.35%0.00%-35.29%-19.05%0.00%40.00%-6.25%142.89%-51.96%
Dividend Yield--8.57%6.86%4.62%4.86%7.02%11.47%7.16%5.22%6.20%2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,683.76
(-) Cash Dividends Paid (M)1,071.43
(=) Cash Retained (M)612.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)336.75210.47126.28
Cash Retained (M)612.33612.33612.33
(-) Cash Required (M)-336.75-210.47-126.28
(=) Excess Retained (M)275.58401.86486.05
(/) Shares Outstanding (M)10,548.3410,548.3410,548.34
(=) Excess Retained per Share0.030.040.05
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.030.040.05
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate-6.69%-5.69%-4.69%
Fair Value$0.89$1.07$1.24
Upside / Downside-34.28%-21.46%-8.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,683.761,587.971,497.631,412.431,332.081,256.301,293.99
Payout Ratio63.63%68.91%74.18%79.45%84.73%90.00%92.50%
Projected Dividends (M)1,071.431,094.221,110.941,122.221,128.631,130.671,196.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate-6.69%-5.69%-4.69%
Year 1 PV (M)1,015.181,026.061,036.94
Year 2 PV (M)956.25976.85997.68
Year 3 PV (M)896.18925.30955.05
Year 4 PV (M)836.19872.62910.22
Year 5 PV (M)777.19819.74864.13
PV of Terminal Value (M)22,585.4623,821.9025,111.91
Equity Value (M)27,066.4528,442.4729,875.93
Shares Outstanding (M)10,548.3410,548.3410,548.34
Fair Value$2.57$2.70$2.83
Upside / Downside88.67%98.26%108.26%

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