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Forth Smart Service Public Company Limited (FSMART.BK)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$3.40 - $4.62$4.02
Multi-Stage$10.02 - $11.10$10.55
Blended Fair Value$7.29
Current Price$5.70
Upside27.82%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.16%0.00%0.410.340.400.560.650.660.630.530.340.35
YoY Growth--20.59%-15.00%-28.57%-13.67%-2.14%5.33%18.49%56.25%-3.03%0.00%
Dividend Yield--7.04%5.33%3.87%3.64%7.18%12.00%8.89%4.90%1.85%2.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)543.70
(-) Cash Dividends Paid (M)173.22
(=) Cash Retained (M)370.48
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)108.7467.9640.78
Cash Retained (M)370.48370.48370.48
(-) Cash Required (M)-108.74-67.96-40.78
(=) Excess Retained (M)261.74302.52329.70
(/) Shares Outstanding (M)756.51756.51756.51
(=) Excess Retained per Share0.350.400.44
LTM Dividend per Share0.230.230.23
(+) Excess Retained per Share0.350.400.44
(=) Adjusted Dividend0.570.630.66
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-8.76%-7.76%-6.76%
Fair Value$3.40$4.02$4.62
Upside / Downside-40.33%-29.44%-18.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)543.70501.50462.58426.68393.56363.01373.90
Payout Ratio31.86%43.49%55.12%66.74%78.37%90.00%92.50%
Projected Dividends (M)173.22218.09254.95284.78308.44326.71345.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate-8.76%-7.76%-6.76%
Year 1 PV (M)202.26204.47206.69
Year 2 PV (M)219.27224.10228.99
Year 3 PV (M)227.13234.69242.40
Year 4 PV (M)228.14238.31248.81
Year 5 PV (M)224.11236.66249.77
PV of Terminal Value (M)6,479.386,842.337,221.36
Equity Value (M)7,580.297,980.568,398.02
Shares Outstanding (M)756.51756.51756.51
Fair Value$10.02$10.55$11.10
Upside / Downside75.79%85.07%94.75%

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