Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Electricity Generating Authority Of Thailand- North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF.BK)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$2.73 - $3.76$3.25
Multi-Stage$6.18 - $6.82$6.49
Blended Fair Value$4.87
Current Price$5.85
Upside-16.78%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-13.98%0.00%0.370.350.230.620.840.790.780.720.520.11
YoY Growth--4.67%54.16%-62.93%-25.99%6.35%0.38%8.82%39.81%368.18%0.00%
Dividend Yield--6.28%6.00%3.45%5.58%6.86%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)1,056.79
(-) Cash Dividends Paid (M)236.28
(=) Cash Retained (M)820.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)211.36132.1079.26
Cash Retained (M)820.51820.51820.51
(-) Cash Required (M)-211.36-132.10-79.26
(=) Excess Retained (M)609.15688.41741.25
(/) Shares Outstanding (M)2,085.502,085.502,085.50
(=) Excess Retained per Share0.290.330.36
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share0.290.330.36
(=) Adjusted Dividend0.410.440.47
WACC / Discount Rate7.67%7.67%7.67%
Growth Rate-6.27%-5.27%-4.27%
Fair Value$2.73$3.25$3.76
Upside / Downside-53.41%-44.52%-35.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,056.791,001.09948.33898.34850.99806.14830.32
Payout Ratio22.36%35.89%49.42%62.94%76.47%90.00%92.50%
Projected Dividends (M)236.28359.26468.62565.45650.77725.52768.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.67%7.67%7.67%
Growth Rate-6.27%-5.27%-4.27%
Year 1 PV (M)330.14333.66337.19
Year 2 PV (M)395.73404.22412.80
Year 3 PV (M)438.80452.99467.49
Year 4 PV (M)464.08484.20504.97
Year 5 PV (M)475.45501.36528.39
PV of Terminal Value (M)10,774.4511,361.6111,974.09
Equity Value (M)12,878.6413,538.0414,224.93
Shares Outstanding (M)2,085.502,085.502,085.50
Fair Value$6.18$6.49$6.82
Upside / Downside5.56%10.97%16.60%

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