Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

I.C.C. International Public Company Limited (ICC.BK)

Company Dividend Discount ModelIndustry: Apparel - RetailSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$12.57 - $18.18$15.30
Multi-Stage$24.77 - $27.27$26.00
Blended Fair Value$20.65
Current Price$25.25
Upside-18.23%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.11%-0.47%0.750.660.230.160.460.800.720.760.690.69
YoY Growth--14.41%185.71%40.00%-64.29%-42.13%10.01%-4.37%9.53%-0.03%-12.47%
Dividend Yield--3.44%2.43%1.14%0.95%2.42%4.09%3.11%3.23%3.13%3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)779.78
(-) Cash Dividends Paid (M)230.00
(=) Cash Retained (M)549.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)155.9697.4758.48
Cash Retained (M)549.78549.78549.78
(-) Cash Required (M)-155.96-97.47-58.48
(=) Excess Retained (M)393.82452.30491.29
(/) Shares Outstanding (M)441.77441.77441.77
(=) Excess Retained per Share0.891.021.11
LTM Dividend per Share0.520.520.52
(+) Excess Retained per Share0.891.021.11
(=) Adjusted Dividend1.411.541.63
WACC / Discount Rate7.78%7.78%7.78%
Growth Rate-3.11%-2.11%-1.11%
Fair Value$12.57$15.30$18.18
Upside / Downside-50.21%-39.42%-28.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)779.78763.35747.28731.54716.13701.05722.08
Payout Ratio29.50%41.60%53.70%65.80%77.90%90.00%92.50%
Projected Dividends (M)230.00317.53401.27481.34557.86630.94667.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.78%7.78%7.78%
Growth Rate-3.11%-2.11%-1.11%
Year 1 PV (M)291.60294.61297.62
Year 2 PV (M)338.42345.44352.54
Year 3 PV (M)372.81384.47396.38
Year 4 PV (M)396.80413.44430.59
Year 5 PV (M)412.15433.86456.48
PV of Terminal Value (M)9,132.179,613.2410,114.38
Equity Value (M)10,943.9511,485.0712,047.98
Shares Outstanding (M)441.77441.77441.77
Fair Value$24.77$26.00$27.27
Upside / Downside-1.89%2.96%8.01%

High-Yield Dividend Screener

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