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TQM Alpha Public Company Limited (TQM-R.BK)

Company Dividend Discount ModelIndustry: Insurance - BrokersSector: Financial Services

Valuation Snapshot

Stable Growth$50.97 - $259.09$104.91
Multi-Stage$29.55 - $32.25$30.87
Blended Fair Value$67.89
Current Price$14.70
Upside361.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.81%0.00%1.081.151.341.371.050.480.530.380.680.09
YoY Growth---6.19%-14.25%-2.08%30.34%121.05%-10.17%41.00%-45.00%686.73%0.00%
Dividend Yield--7.19%4.30%4.06%3.42%1.71%1.41%3.28%3.26%5.93%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)781.77
(-) Cash Dividends Paid (M)646.81
(=) Cash Retained (M)134.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)156.3597.7258.63
Cash Retained (M)134.96134.96134.96
(-) Cash Required (M)-156.35-97.72-58.63
(=) Excess Retained (M)-21.4037.2376.32
(/) Shares Outstanding (M)599.95599.95599.95
(=) Excess Retained per Share-0.040.060.13
LTM Dividend per Share1.081.081.08
(+) Excess Retained per Share-0.040.060.13
(=) Adjusted Dividend1.041.141.21
WACC / Discount Rate7.63%7.63%7.63%
Growth Rate5.48%6.48%7.48%
Fair Value$50.97$104.91$259.09
Upside / Downside246.73%613.65%1,662.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)781.77832.40886.32943.721,004.841,069.931,102.02
Payout Ratio82.74%84.19%85.64%87.09%88.55%90.00%92.50%
Projected Dividends (M)646.81700.80759.06821.93889.76962.931,019.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.63%7.63%7.63%
Growth Rate5.48%6.48%7.48%
Year 1 PV (M)644.98651.09657.21
Year 2 PV (M)642.96655.21667.57
Year 3 PV (M)640.76659.15677.90
Year 4 PV (M)638.39662.94688.20
Year 5 PV (M)635.85666.57698.47
PV of Terminal Value (M)14,525.5615,227.3115,955.92
Equity Value (M)17,728.5018,522.2819,345.27
Shares Outstanding (M)599.95599.95599.95
Fair Value$29.55$30.87$32.25
Upside / Downside101.02%110.02%119.35%

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