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Definitive Analysis

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Mega First Corporation Berhad (3069.KL)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$46.86 - $86.52$81.08
Multi-Stage$13.49 - $14.77$14.12
Blended Fair Value$47.60
Current Price$3.80
Upside1,152.64%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS59.47%17.32%0.090.080.070.070.060.010.020.020.030.02
YoY Growth--11.31%10.41%9.00%8.33%610.60%-48.79%-18.86%-27.89%49.75%6.74%
Dividend Yield--2.13%1.82%2.03%1.76%1.66%0.38%0.86%1.26%1.94%2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)410.19
(-) Cash Dividends Paid (M)84.83
(=) Cash Retained (M)325.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)82.0451.2730.76
Cash Retained (M)325.36325.36325.36
(-) Cash Required (M)-82.04-51.27-30.76
(=) Excess Retained (M)243.32274.09294.60
(/) Shares Outstanding (M)942.84942.84942.84
(=) Excess Retained per Share0.260.290.31
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.260.290.31
(=) Adjusted Dividend0.350.380.40
WACC / Discount Rate6.28%6.28%6.28%
Growth Rate5.50%6.50%7.50%
Fair Value$46.86$81.08$86.52
Upside / Downside1,133.03%2,033.79%2,176.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)410.19436.85465.25495.49527.69561.99578.85
Payout Ratio20.68%34.54%48.41%62.27%76.14%90.00%92.50%
Projected Dividends (M)84.83150.91225.22308.55401.77505.80535.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.28%6.28%6.28%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)140.65141.99143.32
Year 2 PV (M)195.65199.37203.14
Year 3 PV (M)249.82257.00264.30
Year 4 PV (M)303.19314.85326.85
Year 5 PV (M)355.76372.94390.78
PV of Terminal Value (M)11,469.1912,023.1612,598.33
Equity Value (M)12,714.2713,309.3113,926.71
Shares Outstanding (M)942.84942.84942.84
Fair Value$13.49$14.12$14.77
Upside / Downside254.87%271.48%288.71%

High-Yield Dividend Screener

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