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Quality Houses Public Company Limited (QH-R.BK)

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

Valuation Snapshot

Stable Growth$0.91 - $1.28$1.09
Multi-Stage$2.79 - $3.08$2.93
Blended Fair Value$2.01
Current Price$1.36
Upside48.05%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.15%-0.53%0.130.150.110.110.170.210.210.150.160.07
YoY Growth---13.33%36.35%0.00%-35.29%-19.05%0.00%40.00%-6.25%142.89%-51.96%
Dividend Yield--8.57%6.86%4.62%4.86%7.02%11.47%7.16%5.22%6.20%2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,683.76
(-) Cash Dividends Paid (M)1,071.43
(=) Cash Retained (M)612.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)336.75210.47126.28
Cash Retained (M)612.33612.33612.33
(-) Cash Required (M)-336.75-210.47-126.28
(=) Excess Retained (M)275.58401.86486.05
(/) Shares Outstanding (M)10,548.3410,548.3410,548.34
(=) Excess Retained per Share0.030.040.05
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.030.040.05
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-6.69%-5.69%-4.69%
Fair Value$0.91$1.09$1.28
Upside / Downside-32.80%-19.54%-6.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,683.761,587.971,497.631,412.431,332.081,256.301,293.99
Payout Ratio63.63%68.91%74.18%79.45%84.73%90.00%92.50%
Projected Dividends (M)1,071.431,094.221,110.941,122.221,128.631,130.671,196.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-6.69%-5.69%-4.69%
Year 1 PV (M)1,017.991,028.901,039.81
Year 2 PV (M)961.55982.271,003.21
Year 3 PV (M)903.64933.01963.00
Year 4 PV (M)845.49882.32920.34
Year 5 PV (M)788.01831.15876.16
PV of Terminal Value (M)24,912.7826,276.6327,699.57
Equity Value (M)29,429.4630,934.2832,502.09
Shares Outstanding (M)10,548.3410,548.3410,548.34
Fair Value$2.79$2.93$3.08
Upside / Downside105.14%115.63%126.56%

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