Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Boustead Singapore Limited (F9D.SI)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$1.24 - $1.75$1.49
Multi-Stage$1.91 - $2.10$2.01
Blended Fair Value$1.75
Current Price$1.64
Upside6.73%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.57%-7.00%0.030.040.040.080.030.020.030.030.030.03
YoY Growth---28.05%-0.81%-53.18%181.74%32.87%-25.71%13.28%-1.04%5.90%-56.11%
Dividend Yield--2.57%3.82%4.72%8.64%2.98%3.77%3.88%3.45%3.09%3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)95.05
(-) Cash Dividends Paid (M)13.74
(=) Cash Retained (M)81.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)19.0111.887.13
Cash Retained (M)81.3181.3181.31
(-) Cash Required (M)-19.01-11.88-7.13
(=) Excess Retained (M)62.3069.4374.18
(/) Shares Outstanding (M)485.68485.68485.68
(=) Excess Retained per Share0.130.140.15
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.130.140.15
(=) Adjusted Dividend0.160.170.18
WACC / Discount Rate9.75%9.75%9.75%
Growth Rate-2.54%-1.54%-0.54%
Fair Value$1.24$1.49$1.75
Upside / Downside-24.32%-8.98%6.65%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)95.0593.5892.1490.7289.3387.9590.59
Payout Ratio14.46%29.57%44.67%59.78%74.89%90.00%92.50%
Projected Dividends (M)13.7427.6741.1654.2466.9079.1683.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.75%9.75%9.75%
Growth Rate-2.54%-1.54%-0.54%
Year 1 PV (M)24.9525.2125.47
Year 2 PV (M)33.4834.1734.87
Year 3 PV (M)39.7941.0242.29
Year 4 PV (M)44.2646.1048.00
Year 5 PV (M)47.2349.7052.28
PV of Terminal Value (M)740.18778.94819.31
Equity Value (M)929.89975.151,022.22
Shares Outstanding (M)485.68485.68485.68
Fair Value$1.91$2.01$2.10
Upside / Downside16.75%22.43%28.34%

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