Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Able Global Berhad (7167.KL)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$3.15 - $5.66$4.20
Multi-Stage$5.56 - $6.11$5.83
Blended Fair Value$5.02
Current Price$1.56
Upside221.58%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS2.51%0.00%0.080.050.040.060.040.070.000.000.000.00
YoY Growth--45.45%22.22%-30.77%66.38%-44.71%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.52%3.16%3.44%0.00%0.00%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)69.76
(-) Cash Dividends Paid (M)22.30
(=) Cash Retained (M)47.46
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.958.725.23
Cash Retained (M)47.4647.4647.46
(-) Cash Required (M)-13.95-8.72-5.23
(=) Excess Retained (M)33.5138.7442.23
(/) Shares Outstanding (M)307.56307.56307.56
(=) Excess Retained per Share0.110.130.14
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.110.130.14
(=) Adjusted Dividend0.180.200.21
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate0.51%1.51%2.51%
Fair Value$3.15$4.20$5.66
Upside / Downside101.69%169.24%263.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)69.7670.8171.8872.9774.0875.2077.45
Payout Ratio31.97%43.57%55.18%66.79%78.39%90.00%92.50%
Projected Dividends (M)22.3030.8639.6748.7458.0767.6871.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate0.51%1.51%2.51%
Year 1 PV (M)28.7429.0229.31
Year 2 PV (M)34.4135.1035.79
Year 3 PV (M)39.3840.5641.77
Year 4 PV (M)43.7045.4647.28
Year 5 PV (M)47.4349.8452.34
PV of Terminal Value (M)1,517.071,594.061,674.13
Equity Value (M)1,710.731,794.041,880.63
Shares Outstanding (M)307.56307.56307.56
Fair Value$5.56$5.83$6.11
Upside / Downside256.55%273.92%291.96%

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