Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Phol Dhanya Public Company Limited (PHOL.BK)

Company Dividend Discount ModelIndustry: Security & Protection ServicesSector: Industrials

Valuation Snapshot

Stable Growth$2.90 - $4.40$3.61
Multi-Stage$4.06 - $4.44$4.25
Blended Fair Value$3.93
Current Price$2.80
Upside40.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS34.48%5.35%0.220.210.240.300.250.050.000.000.180.16
YoY Growth--4.63%-12.31%-20.08%19.98%400.00%0.00%0.00%-100.00%10.00%22.51%
Dividend Yield--7.69%7.79%8.50%7.65%9.06%3.42%0.00%0.00%6.47%4.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)65.12
(-) Cash Dividends Paid (M)46.58
(=) Cash Retained (M)18.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.028.144.88
Cash Retained (M)18.5418.5418.54
(-) Cash Required (M)-13.02-8.14-4.88
(=) Excess Retained (M)5.5210.4013.66
(/) Shares Outstanding (M)202.50202.50202.50
(=) Excess Retained per Share0.030.050.07
LTM Dividend per Share0.230.230.23
(+) Excess Retained per Share0.030.050.07
(=) Adjusted Dividend0.260.280.30
WACC / Discount Rate9.60%9.60%9.60%
Growth Rate0.66%1.66%2.66%
Fair Value$2.90$3.61$4.40
Upside / Downside3.54%28.79%57.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)65.1266.2167.3168.4369.5770.7372.85
Payout Ratio71.53%75.22%78.92%82.61%86.31%90.00%92.50%
Projected Dividends (M)46.5849.8053.1256.5360.0463.6567.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.60%9.60%9.60%
Growth Rate0.66%1.66%2.66%
Year 1 PV (M)44.9945.4445.89
Year 2 PV (M)43.3644.2245.10
Year 3 PV (M)41.6942.9444.22
Year 4 PV (M)40.0041.6143.28
Year 5 PV (M)38.3140.2542.27
PV of Terminal Value (M)614.71645.85678.25
Equity Value (M)823.06860.32899.00
Shares Outstanding (M)202.50202.50202.50
Fair Value$4.06$4.25$4.44
Upside / Downside45.16%51.73%58.55%

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