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

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

Valuation Snapshot

Stable Growth$8.23 - $24.72$13.05
Multi-Stage$9.52 - $10.44$9.97
Blended Fair Value$11.51
Current Price$1.95
Upside490.33%
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 Rate6.18%6.18%6.18%
Growth Rate2.89%3.89%4.89%
Fair Value$8.23$13.05$24.72
Upside / Downside321.86%569.27%1,167.74%

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 Rate6.18%6.18%6.18%
Growth Rate2.89%3.89%4.89%
Year 1 PV (M)775.79783.33790.87
Year 2 PV (M)861.03877.85894.84
Year 3 PV (M)940.25967.94996.16
Year 4 PV (M)1,013.731,053.721,094.88
Year 5 PV (M)1,081.751,135.361,191.06
PV of Terminal Value (M)36,053.1137,839.6039,696.22
Equity Value (M)40,725.6742,657.8044,664.03
Shares Outstanding (M)4,277.624,277.624,277.62
Fair Value$9.52$9.97$10.44
Upside / Downside388.24%411.40%435.45%

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