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Noble Development Public Company Limited (NOBLE-R.BK)

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

Valuation Snapshot

Stable Growth$3.56 - $4.91$4.24
Multi-Stage$11.43 - $12.66$12.03
Blended Fair Value$8.14
Current Price$2.18
Upside273.22%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-36.91%14.96%0.400.280.080.841.083.980.060.000.000.03
YoY Growth--43.42%251.25%-90.59%-22.73%-72.73%7,017.07%0.00%0.00%-100.00%-66.66%
Dividend Yield--18.57%7.45%1.56%16.60%12.76%100.18%1.24%0.00%0.00%0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)946.82
(-) Cash Dividends Paid (M)258.82
(=) Cash Retained (M)688.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)189.36118.3571.01
Cash Retained (M)688.01688.01688.01
(-) Cash Required (M)-189.36-118.35-71.01
(=) Excess Retained (M)498.64569.65617.00
(/) Shares Outstanding (M)1,388.671,388.671,388.67
(=) Excess Retained per Share0.360.410.44
LTM Dividend per Share0.190.190.19
(+) Excess Retained per Share0.360.410.44
(=) Adjusted Dividend0.550.600.63
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate-7.92%-6.92%-5.92%
Fair Value$3.56$4.24$4.91
Upside / Downside63.47%94.54%125.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)946.82881.32820.35763.60710.78661.61681.46
Payout Ratio27.34%39.87%52.40%64.93%77.47%90.00%92.50%
Projected Dividends (M)258.82351.37429.88495.84550.62595.45630.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate-7.92%-6.92%-5.92%
Year 1 PV (M)327.37330.93334.48
Year 2 PV (M)373.17381.32389.55
Year 3 PV (M)401.04414.25427.74
Year 4 PV (M)414.93433.25452.17
Year 5 PV (M)418.07441.27465.49
PV of Terminal Value (M)13,933.6514,706.8515,514.00
Equity Value (M)15,868.2416,707.8717,583.44
Shares Outstanding (M)1,388.671,388.671,388.67
Fair Value$11.43$12.03$12.66
Upside / Downside424.17%451.91%480.83%

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