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Asia Network International Public Company Limited (ANI.BK)

Company Dividend Discount ModelIndustry: Integrated Freight & LogisticsSector: Industrials

Valuation Snapshot

Stable Growth$3.01 - $4.65$3.77
Multi-Stage$7.03 - $7.72$7.37
Blended Fair Value$5.57
Current Price$3.44
Upside61.99%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.250.450.140.060.000.000.000.000.000.00
YoY Growth---44.85%232.07%118.28%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--9.33%9.44%2.74%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)604.98
(-) Cash Dividends Paid (M)570.28
(=) Cash Retained (M)34.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)121.0075.6245.37
Cash Retained (M)34.7034.7034.70
(-) Cash Required (M)-121.00-75.62-45.37
(=) Excess Retained (M)-86.29-40.92-10.67
(/) Shares Outstanding (M)1,847.951,847.951,847.95
(=) Excess Retained per Share-0.05-0.02-0.01
LTM Dividend per Share0.310.310.31
(+) Excess Retained per Share-0.05-0.02-0.01
(=) Adjusted Dividend0.260.290.30
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.01$3.77$4.65
Upside / Downside-12.37%9.71%35.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)604.98598.93592.94587.01581.14575.33592.59
Payout Ratio94.26%93.41%92.56%91.71%90.85%90.00%92.50%
Projected Dividends (M)570.28559.47548.82538.32527.98517.80548.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)519.95525.25530.56
Year 2 PV (M)474.02483.74493.56
Year 3 PV (M)432.11445.47459.11
Year 4 PV (M)393.87410.20427.02
Year 5 PV (M)358.99377.68397.15
PV of Terminal Value (M)10,814.7511,377.9011,964.26
Equity Value (M)12,993.6813,620.2414,271.66
Shares Outstanding (M)1,847.951,847.951,847.95
Fair Value$7.03$7.37$7.72
Upside / Downside104.40%114.26%124.51%

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