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MFEC Public Company Limited (MFEC.BK)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$20.16 - $105.06$40.65
Multi-Stage$14.31 - $15.64$14.96
Blended Fair Value$27.81
Current Price$5.40
Upside414.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.87%-1.17%0.400.400.400.400.350.200.260.360.340.51
YoY Growth--0.00%0.00%0.00%14.29%75.00%-22.73%-26.52%6.02%-33.85%11.61%
Dividend Yield--6.79%5.86%5.08%3.85%5.66%4.74%7.51%7.77%5.89%9.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)232.85
(-) Cash Dividends Paid (M)220.71
(=) Cash Retained (M)12.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)46.5729.1117.46
Cash Retained (M)12.1312.1312.13
(-) Cash Required (M)-46.57-29.11-17.46
(=) Excess Retained (M)-34.44-16.97-5.33
(/) Shares Outstanding (M)437.06437.06437.06
(=) Excess Retained per Share-0.08-0.04-0.01
LTM Dividend per Share0.500.500.50
(+) Excess Retained per Share-0.08-0.04-0.01
(=) Adjusted Dividend0.430.470.49
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate4.60%5.60%6.60%
Fair Value$20.16$40.65$105.06
Upside / Downside273.41%652.86%1,845.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)232.85245.88259.64274.17289.51305.71314.88
Payout Ratio94.79%93.83%92.87%91.92%90.96%90.00%92.50%
Projected Dividends (M)220.71230.71241.13252.00263.33275.14291.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate4.60%5.60%6.60%
Year 1 PV (M)213.96216.01218.05
Year 2 PV (M)207.39211.38215.40
Year 3 PV (M)201.01206.83212.76
Year 4 PV (M)194.79202.35210.12
Year 5 PV (M)188.75197.95207.50
PV of Terminal Value (M)5,248.525,504.255,769.86
Equity Value (M)6,254.426,538.766,833.70
Shares Outstanding (M)437.06437.06437.06
Fair Value$14.31$14.96$15.64
Upside / Downside165.00%177.05%189.55%

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