Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Delta Electronics (Thailand) Public Company Limited (DELTA-R.BK)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$266.58 - $314.07$294.33
Multi-Stage$183.60 - $201.49$192.38
Blended Fair Value$243.35
Current Price$158.50
Upside53.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.37%5.24%0.450.400.170.330.180.230.220.300.310.30
YoY Growth--12.50%135.29%-48.48%83.33%-21.74%4.55%-26.67%-3.23%3.33%11.11%
Dividend Yield--0.68%0.54%0.15%0.85%0.62%6.76%3.14%4.41%3.54%3.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)19,713.71
(-) Cash Dividends Paid (M)5,737.96
(=) Cash Retained (M)13,975.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,942.742,464.211,478.53
Cash Retained (M)13,975.7513,975.7513,975.75
(-) Cash Required (M)-3,942.74-2,464.21-1,478.53
(=) Excess Retained (M)10,033.0111,511.5412,497.23
(/) Shares Outstanding (M)12,482.9512,482.9512,482.95
(=) Excess Retained per Share0.800.921.00
LTM Dividend per Share0.460.460.46
(+) Excess Retained per Share0.800.921.00
(=) Adjusted Dividend1.261.381.46
WACC / Discount Rate2.04%2.04%2.04%
Growth Rate5.50%6.50%7.50%
Fair Value$266.58$294.33$314.07
Upside / Downside68.19%85.70%98.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)19,713.7120,995.1022,359.7823,813.1725,361.0227,009.4927,819.77
Payout Ratio29.11%41.29%53.46%65.64%77.82%90.00%92.50%
Projected Dividends (M)5,737.968,667.8611,954.4015,631.5719,736.2724,308.5425,733.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.04%2.04%2.04%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)8,415.088,494.848,574.61
Year 2 PV (M)11,267.3211,481.9411,698.57
Year 3 PV (M)14,303.5014,714.1015,132.49
Year 4 PV (M)17,532.8018,207.0618,900.58
Year 5 PV (M)20,964.8321,977.4423,028.81
PV of Terminal Value (M)2,219,360.502,326,556.442,437,855.02
Equity Value (M)2,291,844.032,401,431.822,515,190.08
Shares Outstanding (M)12,482.9512,482.9512,482.95
Fair Value$183.60$192.38$201.49
Upside / Downside15.83%21.37%27.12%

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