Definitive Analysis
Definitive Analysis

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Ticker

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Sector

Wilmar International Limited (F34.SI)

Company Dividend Discount ModelIndustry: Agricultural Farm ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$19.78 - $37.66$35.30
Multi-Stage$5.98 - $6.55$6.26
Blended Fair Value$20.78
Current Price$2.26
Upside819.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.51%7.60%0.130.130.120.150.100.070.080.050.060.06
YoY Growth--0.17%5.23%-21.98%56.54%33.94%-6.68%54.88%-13.93%-2.44%-0.62%
Dividend Yield--5.15%5.00%3.82%5.04%2.81%2.41%3.23%2.08%2.35%2.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,185.12
(-) Cash Dividends Paid (M)754.44
(=) Cash Retained (M)430.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)237.02148.1488.88
Cash Retained (M)430.69430.69430.69
(-) Cash Required (M)-237.02-148.14-88.88
(=) Excess Retained (M)193.66282.55341.80
(/) Shares Outstanding (M)6,257.706,257.706,257.70
(=) Excess Retained per Share0.030.050.05
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.030.050.05
(=) Adjusted Dividend0.150.170.18
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Fair Value$19.78$35.30$37.66
Upside / Downside775.05%1,461.81%1,566.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,185.121,262.151,344.201,431.571,524.621,623.721,672.43
Payout Ratio63.66%68.93%74.20%79.46%84.73%90.00%92.50%
Projected Dividends (M)754.44869.97997.331,137.571,291.841,461.351,547.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)810.66818.34826.03
Year 2 PV (M)865.99882.48899.13
Year 3 PV (M)920.42946.85973.77
Year 4 PV (M)973.981,011.441,049.97
Year 5 PV (M)1,026.671,076.261,127.75
PV of Terminal Value (M)32,852.6534,439.4536,086.98
Equity Value (M)37,450.3839,174.8240,963.62
Shares Outstanding (M)6,257.706,257.706,257.70
Fair Value$5.98$6.26$6.55
Upside / Downside164.81%177.00%189.65%

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