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The ONE Enterprise Public Company Limited (ONEE.BK)

Company Dividend Discount ModelIndustry: EntertainmentSector: Communication Services

Valuation Snapshot

Stable Growth$1.42 - $2.17$1.77
Multi-Stage$3.18 - $3.50$3.34
Blended Fair Value$2.55
Current Price$2.30
Upside10.96%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.210.210.190.000.000.000.000.000.000.00
YoY Growth--0.00%11.11%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--8.41%4.45%3.35%0.00%0.00%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)374.36
(-) Cash Dividends Paid (M)333.38
(=) Cash Retained (M)40.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)74.8746.7928.08
Cash Retained (M)40.9840.9840.98
(-) Cash Required (M)-74.87-46.79-28.08
(=) Excess Retained (M)-33.89-5.8212.90
(/) Shares Outstanding (M)2,379.002,379.002,379.00
(=) Excess Retained per Share-0.010.000.01
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share-0.010.000.01
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate6.72%6.72%6.72%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.42$1.77$2.17
Upside / Downside-38.46%-23.20%-5.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)374.36370.61366.91363.24359.60356.01366.69
Payout Ratio89.05%89.24%89.43%89.62%89.81%90.00%92.50%
Projected Dividends (M)333.38330.74328.13325.54322.96320.41339.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.72%6.72%6.72%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)306.80309.93313.06
Year 2 PV (M)282.34288.13293.98
Year 3 PV (M)259.82267.86276.06
Year 4 PV (M)239.11249.02259.23
Year 5 PV (M)220.04231.50243.43
PV of Terminal Value (M)6,267.536,593.896,933.71
Equity Value (M)7,575.637,940.328,319.47
Shares Outstanding (M)2,379.002,379.002,379.00
Fair Value$3.18$3.34$3.50
Upside / Downside38.45%45.12%52.05%

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