Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Inoue Rubber (Thailand) Public Company Limited (IRC.BK)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$7.02 - $10.15$8.54
Multi-Stage$10.98 - $11.98$11.47
Blended Fair Value$10.00
Current Price$11.40
Upside-12.25%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS14.93%2.90%0.870.420.290.890.570.430.930.881.070.92
YoY Growth--107.75%43.57%-67.10%55.20%31.66%-53.60%5.77%-17.49%16.34%40.85%
Dividend Yield--7.62%2.97%2.10%6.24%3.17%3.05%6.02%4.31%4.50%4.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)184.25
(-) Cash Dividends Paid (M)166.84
(=) Cash Retained (M)17.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.8523.0313.82
Cash Retained (M)17.4217.4217.42
(-) Cash Required (M)-36.85-23.03-13.82
(=) Excess Retained (M)-19.43-5.613.60
(/) Shares Outstanding (M)192.00192.00192.00
(=) Excess Retained per Share-0.10-0.030.02
LTM Dividend per Share0.870.870.87
(+) Excess Retained per Share-0.10-0.030.02
(=) Adjusted Dividend0.770.840.89
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-0.85%0.15%1.15%
Fair Value$7.02$8.54$10.15
Upside / Downside-38.46%-25.11%-11.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)184.25184.53184.81185.08185.36185.64191.21
Payout Ratio90.55%90.44%90.33%90.22%90.11%90.00%92.50%
Projected Dividends (M)166.84166.88166.93166.98167.03167.07176.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-0.85%0.15%1.15%
Year 1 PV (M)150.20151.71153.23
Year 2 PV (M)135.22137.96140.73
Year 3 PV (M)121.74125.46129.25
Year 4 PV (M)109.59114.08118.71
Year 5 PV (M)98.67103.74109.03
PV of Terminal Value (M)1,492.201,568.981,648.89
Equity Value (M)2,107.612,201.942,299.84
Shares Outstanding (M)192.00192.00192.00
Fair Value$10.98$11.47$11.98
Upside / Downside-3.71%0.60%5.07%

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