Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

International Network System Public Company Limited (ITNS.BK)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$1.12 - $1.59$1.35
Multi-Stage$1.86 - $2.03$1.95
Blended Fair Value$1.65
Current Price$1.34
Upside23.10%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.120.130.250.130.240.000.000.000.000.00
YoY Growth---1.81%-49.73%88.85%-44.40%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--8.92%5.18%5.92%3.42%6.15%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35.89
(-) Cash Dividends Paid (M)31.98
(=) Cash Retained (M)3.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.184.492.69
Cash Retained (M)3.913.913.91
(-) Cash Required (M)-7.18-4.49-2.69
(=) Excess Retained (M)-3.27-0.581.22
(/) Shares Outstanding (M)209.00209.00209.00
(=) Excess Retained per Share-0.020.000.01
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share-0.020.000.01
(=) Adjusted Dividend0.140.150.16
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.12$1.35$1.59
Upside / Downside-16.29%0.91%18.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35.8935.5335.1734.8234.4734.1335.15
Payout Ratio89.11%89.29%89.47%89.65%89.82%90.00%92.50%
Projected Dividends (M)31.9831.7231.4731.2130.9630.7132.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)28.5528.8429.13
Year 2 PV (M)25.4826.0126.53
Year 3 PV (M)22.7523.4524.17
Year 4 PV (M)20.3121.1522.02
Year 5 PV (M)18.1319.0720.05
PV of Terminal Value (M)274.13288.41303.27
Equity Value (M)389.35406.92425.17
Shares Outstanding (M)209.00209.00209.00
Fair Value$1.86$1.95$2.03
Upside / Downside39.02%45.30%51.82%

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