Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Thailand Future Fund (TFFIF.BK)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$15.57 - $22.91$19.10
Multi-Stage$27.00 - $29.73$28.34
Blended Fair Value$23.72
Current Price$6.15
Upside285.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20252024202320222021202020192018
DPS0.00%0.00%0.000.430.410.330.360.420.270.000.000.00
YoY Growth---100.00%5.43%22.83%-7.42%-13.87%52.36%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%6.77%6.08%4.34%4.88%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)9,152.56
(-) Cash Dividends Paid (M)544.74
(=) Cash Retained (M)8,607.81
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,830.511,144.07686.44
Cash Retained (M)8,607.818,607.818,607.81
(-) Cash Required (M)-1,830.51-1,144.07-686.44
(=) Excess Retained (M)6,777.307,463.747,921.37
(/) Shares Outstanding (M)4,570.004,570.004,570.00
(=) Excess Retained per Share1.481.631.73
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share1.481.631.73
(=) Adjusted Dividend1.601.751.85
WACC / Discount Rate8.08%8.08%8.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$15.57$19.10$22.91
Upside / Downside153.16%210.51%272.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9,152.569,061.038,970.428,880.728,791.918,703.998,965.11
Payout Ratio5.95%22.76%39.57%56.38%73.19%90.00%92.50%
Projected Dividends (M)544.742,062.423,549.695,007.016,434.837,833.598,292.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.08%8.08%8.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1,888.881,908.151,927.43
Year 2 PV (M)2,977.443,038.513,100.21
Year 3 PV (M)3,846.423,965.374,086.75
Year 4 PV (M)4,527.324,714.954,908.36
Year 5 PV (M)5,047.675,310.515,584.19
PV of Terminal Value (M)105,086.55110,558.65116,256.37
Equity Value (M)123,374.27129,496.15135,863.30
Shares Outstanding (M)4,570.004,570.004,570.00
Fair Value$27.00$28.34$29.73
Upside / Downside338.97%360.75%383.40%

High-Yield Dividend Screener

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