Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

PM Thoresen Asia Holdings Public Company Limited (PMTA.BK)

Company Dividend Discount ModelIndustry: Agricultural InputsSector: Basic Materials

Valuation Snapshot

Stable Growth$14.42 - $21.80$17.89
Multi-Stage$21.17 - $23.16$22.15
Blended Fair Value$20.02
Current Price$10.00
Upside100.21%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.36%-18.89%0.400.300.500.700.500.501.001.171.120.00
YoY Growth--33.33%-40.00%-28.57%40.00%0.00%-50.00%-14.53%4.46%0.00%-100.00%
Dividend Yield--5.09%3.33%4.95%4.34%4.71%8.84%10.09%6.72%4.93%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)165.95
(-) Cash Dividends Paid (M)101.20
(=) Cash Retained (M)64.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)33.1920.7412.45
Cash Retained (M)64.7564.7564.75
(-) Cash Required (M)-33.19-20.74-12.45
(=) Excess Retained (M)31.5644.0152.30
(/) Shares Outstanding (M)101.31101.31101.31
(=) Excess Retained per Share0.310.430.52
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share0.310.430.52
(=) Adjusted Dividend1.311.431.52
WACC / Discount Rate9.22%9.22%9.22%
Growth Rate0.12%1.12%2.12%
Fair Value$14.42$17.89$21.80
Upside / Downside44.19%78.95%117.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)165.95167.80169.68171.57173.49175.43180.69
Payout Ratio60.98%66.79%72.59%78.39%84.20%90.00%92.50%
Projected Dividends (M)101.20112.07123.17134.50146.07157.88167.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.22%9.22%9.22%
Growth Rate0.12%1.12%2.12%
Year 1 PV (M)101.60102.61103.63
Year 2 PV (M)101.23103.26105.31
Year 3 PV (M)100.21103.24106.34
Year 4 PV (M)98.66102.67106.79
Year 5 PV (M)96.68101.60106.73
PV of Terminal Value (M)1,646.521,730.411,817.68
Equity Value (M)2,144.902,243.792,346.47
Shares Outstanding (M)101.31101.31101.31
Fair Value$21.17$22.15$23.16
Upside / Downside111.72%121.48%131.61%

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