Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Westports Holdings Berhad (5246.KL)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$3.67 - $6.37$4.83
Multi-Stage$3.87 - $4.21$4.04
Blended Fair Value$4.43
Current Price$5.40
Upside-17.89%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.14%5.49%0.180.160.160.150.110.130.130.130.130.11
YoY Growth--12.52%-3.34%8.15%32.36%-13.47%-2.10%2.13%-0.06%14.04%11.14%
Dividend Yield--3.65%4.12%4.50%3.74%2.69%3.87%3.67%3.64%3.23%2.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)943.82
(-) Cash Dividends Paid (M)673.48
(=) Cash Retained (M)270.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)188.76117.9870.79
Cash Retained (M)270.34270.34270.34
(-) Cash Required (M)-188.76-117.98-70.79
(=) Excess Retained (M)81.58152.36199.56
(/) Shares Outstanding (M)3,410.003,410.003,410.00
(=) Excess Retained per Share0.020.040.06
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.020.040.06
(=) Adjusted Dividend0.220.240.26
WACC / Discount Rate9.76%9.76%9.76%
Growth Rate3.52%4.52%5.52%
Fair Value$3.67$4.83$6.37
Upside / Downside-31.98%-10.54%17.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)943.82986.511,031.131,077.761,126.511,177.461,212.79
Payout Ratio71.36%75.09%78.81%82.54%86.27%90.00%92.50%
Projected Dividends (M)673.48740.72812.67889.61971.861,059.721,121.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.76%9.76%9.76%
Growth Rate3.52%4.52%5.52%
Year 1 PV (M)668.38674.83681.29
Year 2 PV (M)661.68674.53687.50
Year 3 PV (M)653.59672.72692.21
Year 4 PV (M)644.28669.54695.53
Year 5 PV (M)633.91665.13697.56
PV of Terminal Value (M)9,922.3810,410.9610,918.60
Equity Value (M)13,184.2213,767.7114,372.69
Shares Outstanding (M)3,410.003,410.003,410.00
Fair Value$3.87$4.04$4.21
Upside / Downside-28.40%-25.23%-21.95%

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