Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Khonburi Sugar Power Plant Infrastructure Fund (KBSPIF.BK)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$10.17 - $15.19$12.56
Multi-Stage$19.15 - $21.08$20.10
Blended Fair Value$16.33
Current Price$7.40
Upside120.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%0.900.880.911.080.240.000.000.000.000.00
YoY Growth--2.51%-3.41%-15.77%340.02%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--12.15%10.32%9.13%9.80%2.46%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)346.41
(-) Cash Dividends Paid (M)68.88
(=) Cash Retained (M)277.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)69.2843.3025.98
Cash Retained (M)277.53277.53277.53
(-) Cash Required (M)-69.28-43.30-25.98
(=) Excess Retained (M)208.24234.22251.54
(/) Shares Outstanding (M)280.00280.00280.00
(=) Excess Retained per Share0.740.840.90
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share0.740.840.90
(=) Adjusted Dividend0.991.081.14
WACC / Discount Rate7.53%7.53%7.53%
Growth Rate-2.00%-1.00%0.00%
Fair Value$10.17$12.56$15.19
Upside / Downside37.49%69.72%105.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)346.41342.94339.51336.12332.76329.43339.31
Payout Ratio19.88%33.91%47.93%61.95%75.98%90.00%92.50%
Projected Dividends (M)68.88116.28162.73208.24252.82296.48313.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.53%7.53%7.53%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)107.04108.14109.23
Year 2 PV (M)137.90140.73143.59
Year 3 PV (M)162.44167.47172.59
Year 4 PV (M)181.55189.08196.83
Year 5 PV (M)196.00206.20216.83
PV of Terminal Value (M)4,577.094,815.435,063.60
Equity Value (M)5,362.035,627.045,902.67
Shares Outstanding (M)280.00280.00280.00
Fair Value$19.15$20.10$21.08
Upside / Downside158.79%171.58%184.88%

High-Yield Dividend Screener

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