Definitive Analysis
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Bangkok Airways Public Company Limited (BA-R.BK)

Company Dividend Discount ModelIndustry: Airlines, Airports & Air ServicesSector: Industrials

Valuation Snapshot

Stable Growth$15.94 - $25.31$20.21
Multi-Stage$30.29 - $33.21$31.72
Blended Fair Value$25.97
Current Price$12.20
Upside112.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS69.56%0.00%1.100.500.000.000.100.080.300.500.700.45
YoY Growth--120.21%13,468,478.57%-7.65%-100.00%23.42%-73.84%-40.00%-28.57%55.56%0.00%
Dividend Yield--5.98%3.06%0.00%0.00%1.14%1.95%2.52%3.47%3.45%1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,278.89
(-) Cash Dividends Paid (M)2,729.05
(=) Cash Retained (M)549.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)655.78409.86245.92
Cash Retained (M)549.84549.84549.84
(-) Cash Required (M)-655.78-409.86-245.92
(=) Excess Retained (M)-105.94139.98303.92
(/) Shares Outstanding (M)2,100.002,100.002,100.00
(=) Excess Retained per Share-0.050.070.14
LTM Dividend per Share1.301.301.30
(+) Excess Retained per Share-0.050.070.14
(=) Adjusted Dividend1.251.371.44
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate-0.67%0.33%1.33%
Fair Value$15.94$20.21$25.31
Upside / Downside30.69%65.66%107.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,278.893,289.603,300.353,311.133,321.943,332.793,432.78
Payout Ratio83.23%84.58%85.94%87.29%88.65%90.00%92.50%
Projected Dividends (M)2,729.052,782.502,836.272,890.362,944.782,999.513,175.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate-0.67%0.33%1.33%
Year 1 PV (M)2,571.942,597.842,623.73
Year 2 PV (M)2,423.262,472.302,521.83
Year 3 PV (M)2,282.602,352.242,423.28
Year 4 PV (M)2,149.592,237.482,328.03
Year 5 PV (M)2,023.862,127.812,235.99
PV of Terminal Value (M)52,149.0254,827.5457,615.01
Equity Value (M)63,600.2766,615.2069,747.86
Shares Outstanding (M)2,100.002,100.002,100.00
Fair Value$30.29$31.72$33.21
Upside / Downside148.24%160.01%172.24%

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