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Siam Steel Service Center Public Company Limited (SSSC.BK)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$4.77 - $8.66$6.39
Multi-Stage$8.37 - $9.20$8.78
Blended Fair Value$7.58
Current Price$2.06
Upside268.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.11%-5.23%0.220.180.230.110.160.160.160.220.160.26
YoY Growth--20.00%-19.56%116.98%-35.76%0.00%0.00%-25.00%37.50%-38.46%-31.58%
Dividend Yield--10.18%6.01%7.57%3.29%5.81%8.97%5.81%6.11%3.76%7.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)216.13
(-) Cash Dividends Paid (M)105.60
(=) Cash Retained (M)110.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)43.2327.0216.21
Cash Retained (M)110.53110.53110.53
(-) Cash Required (M)-43.23-27.02-16.21
(=) Excess Retained (M)67.3183.5294.32
(/) Shares Outstanding (M)640.00640.00640.00
(=) Excess Retained per Share0.110.130.15
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.110.130.15
(=) Adjusted Dividend0.270.300.31
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate0.63%1.63%2.63%
Fair Value$4.77$6.39$8.66
Upside / Downside131.53%210.17%320.60%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)216.13219.66223.24226.88230.59234.35241.38
Payout Ratio48.86%57.09%65.31%73.54%81.77%90.00%92.50%
Projected Dividends (M)105.60125.39145.81166.86188.55210.91223.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate0.63%1.63%2.63%
Year 1 PV (M)116.77117.93119.09
Year 2 PV (M)126.44128.96131.51
Year 3 PV (M)134.73138.79142.93
Year 4 PV (M)141.78147.50153.39
Year 5 PV (M)147.68155.16162.95
PV of Terminal Value (M)4,692.434,930.265,177.63
Equity Value (M)5,359.825,618.605,887.50
Shares Outstanding (M)640.00640.00640.00
Fair Value$8.37$8.78$9.20
Upside / Downside306.54%326.17%346.57%

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