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Quality Houses Public Company Limited (QH-R.BK)

Company Dividend Discount ModelIndustry: Real Estate - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$0.92 - $1.28$1.10
Multi-Stage$2.80 - $3.10$2.95
Blended Fair Value$2.02
Current Price$1.36
Upside48.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.15%-0.53%0.130.150.110.110.170.210.210.150.160.07
YoY Growth---13.33%36.35%0.00%-35.29%-19.05%0.00%40.00%-6.25%142.89%-51.96%
Dividend Yield--8.57%6.86%4.62%4.86%7.02%11.47%7.16%5.22%6.20%2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,683.76
(-) Cash Dividends Paid (M)1,071.43
(=) Cash Retained (M)612.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)336.75210.47126.28
Cash Retained (M)612.33612.33612.33
(-) Cash Required (M)-336.75-210.47-126.28
(=) Excess Retained (M)275.58401.86486.05
(/) Shares Outstanding (M)10,548.3410,548.3410,548.34
(=) Excess Retained per Share0.030.040.05
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.030.040.05
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-6.69%-5.69%-4.69%
Fair Value$0.92$1.10$1.28
Upside / Downside-32.70%-19.42%-6.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,683.761,587.971,497.631,412.431,332.081,256.301,293.99
Payout Ratio63.63%68.91%74.18%79.45%84.73%90.00%92.50%
Projected Dividends (M)1,071.431,094.221,110.941,122.221,128.631,130.671,196.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-6.69%-5.69%-4.69%
Year 1 PV (M)1,018.161,029.071,039.98
Year 2 PV (M)961.87982.601,003.55
Year 3 PV (M)904.10933.48963.49
Year 4 PV (M)846.06882.92920.96
Year 5 PV (M)788.68831.85876.90
PV of Terminal Value (M)25,068.6326,441.0227,872.86
Equity Value (M)29,587.5131,100.9432,677.75
Shares Outstanding (M)10,548.3410,548.3410,548.34
Fair Value$2.80$2.95$3.10
Upside / Downside106.25%116.80%127.79%

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