Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

SC Asset Corporation Public Company Limited (SC-R.BK)

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

Valuation Snapshot

Stable Growth$7.58 - $20.28$11.62
Multi-Stage$8.72 - $9.56$9.13
Blended Fair Value$10.38
Current Price$1.95
Upside432.05%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.08%7.26%0.210.250.280.180.190.160.120.190.180.07
YoY Growth---15.79%-9.69%56.67%-5.08%18.75%33.33%-36.84%5.56%153.12%-33.28%
Dividend Yield--8.82%6.60%6.45%4.64%5.73%8.54%3.91%5.07%4.75%2.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,406.86
(-) Cash Dividends Paid (M)684.21
(=) Cash Retained (M)722.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)281.37175.86105.51
Cash Retained (M)722.65722.65722.65
(-) Cash Required (M)-281.37-175.86-105.51
(=) Excess Retained (M)441.28546.80617.14
(/) Shares Outstanding (M)4,277.624,277.624,277.62
(=) Excess Retained per Share0.100.130.14
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.100.130.14
(=) Adjusted Dividend0.260.290.30
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate2.89%3.89%4.89%
Fair Value$7.58$11.62$20.28
Upside / Downside288.49%495.76%940.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,406.861,461.531,518.311,577.311,638.601,702.271,753.33
Payout Ratio48.63%56.91%65.18%73.45%81.73%90.00%92.50%
Projected Dividends (M)684.21831.71989.641,158.591,339.171,532.041,621.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate2.89%3.89%4.89%
Year 1 PV (M)773.73781.25788.77
Year 2 PV (M)856.47873.20890.09
Year 3 PV (M)932.78960.25988.24
Year 4 PV (M)1,003.011,042.581,083.30
Year 5 PV (M)1,067.471,120.361,175.33
PV of Terminal Value (M)32,669.9334,288.7835,971.18
Equity Value (M)37,303.3939,066.4240,896.92
Shares Outstanding (M)4,277.624,277.624,277.62
Fair Value$8.72$9.13$9.56
Upside / Downside347.21%368.35%390.29%

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