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Sermsang Power Corporation Public Company Limited (SSP-R.BK)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$4.75 - $7.32$5.94
Multi-Stage$10.63 - $11.70$11.15
Blended Fair Value$8.55
Current Price$3.46
Upside147.05%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.46%0.00%0.100.060.210.010.080.160.150.000.000.00
YoY Growth--68.53%-70.90%2,460.39%-89.90%-49.31%5.94%0.00%0.00%0.00%0.00%
Dividend Yield--2.01%0.74%2.41%0.09%0.71%3.51%2.51%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)650.09
(-) Cash Dividends Paid (M)250.12
(=) Cash Retained (M)399.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)130.0281.2648.76
Cash Retained (M)399.97399.97399.97
(-) Cash Required (M)-130.02-81.26-48.76
(=) Excess Retained (M)269.96318.71351.22
(/) Shares Outstanding (M)1,264.991,264.991,264.99
(=) Excess Retained per Share0.210.250.28
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.210.250.28
(=) Adjusted Dividend0.410.450.48
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.75$5.94$7.32
Upside / Downside37.16%71.78%111.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)650.09643.59637.16630.79624.48618.23636.78
Payout Ratio38.47%48.78%59.08%69.39%79.69%90.00%92.50%
Projected Dividends (M)250.12313.94376.46437.70497.68556.41589.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)291.83294.81297.79
Year 2 PV (M)325.30331.97338.71
Year 3 PV (M)351.58362.45373.55
Year 4 PV (M)371.60387.00402.88
Year 5 PV (M)386.20406.31427.24
PV of Terminal Value (M)11,714.6012,324.6012,959.76
Equity Value (M)13,441.1114,107.1514,799.93
Shares Outstanding (M)1,264.991,264.991,264.99
Fair Value$10.63$11.15$11.70
Upside / Downside207.09%222.31%238.14%

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