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ComfortDelGro Corporation Limited (C52.SI)

Company Dividend Discount ModelIndustry: RailroadsSector: Industrials

Valuation Snapshot

Stable Growth$1.70 - $2.59$2.12
Multi-Stage$4.11 - $4.52$4.31
Blended Fair Value$3.22
Current Price$1.43
Upside124.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.33%-0.48%0.070.070.060.040.050.110.100.100.090.08
YoY Growth--2.27%11.90%80.13%-33.25%-50.33%2.49%0.09%12.79%9.26%10.34%
Dividend Yield--4.92%5.05%5.17%2.52%3.17%4.47%4.83%5.16%3.73%2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)418.50
(-) Cash Dividends Paid (M)259.30
(=) Cash Retained (M)159.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)83.7052.3131.39
Cash Retained (M)159.20159.20159.20
(-) Cash Required (M)-83.70-52.31-31.39
(=) Excess Retained (M)75.50106.89127.81
(/) Shares Outstanding (M)2,166.552,166.552,166.55
(=) Excess Retained per Share0.030.050.06
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.030.050.06
(=) Adjusted Dividend0.150.170.18
WACC / Discount Rate6.38%6.38%6.38%
Growth Rate-2.48%-1.48%-0.48%
Fair Value$1.70$2.12$2.59
Upside / Downside19.01%48.25%81.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)418.50412.32406.24400.25394.34388.52400.18
Payout Ratio61.96%67.57%73.18%78.78%84.39%90.00%92.50%
Projected Dividends (M)259.30278.60297.27315.33332.79349.67370.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.38%6.38%6.38%
Growth Rate-2.48%-1.48%-0.48%
Year 1 PV (M)259.23261.89264.55
Year 2 PV (M)257.38262.68268.04
Year 3 PV (M)254.04261.93269.99
Year 4 PV (M)249.47259.86270.57
Year 5 PV (M)243.90256.66269.96
PV of Terminal Value (M)7,639.678,039.478,455.83
Equity Value (M)8,903.699,342.509,798.94
Shares Outstanding (M)2,166.552,166.552,166.55
Fair Value$4.11$4.31$4.52
Upside / Downside187.39%201.55%216.28%

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