Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

DKSH Holdings (Malaysia) Berhad (5908.KL)

Company Dividend Discount ModelIndustry: Food DistributionSector: Consumer Defensive

Valuation Snapshot

Stable Growth$12.94 - $23.43$17.32
Multi-Stage$15.61 - $17.12$16.35
Blended Fair Value$16.83
Current Price$4.86
Upside246.34%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.20%-2.76%0.170.320.110.100.000.100.100.100.100.10
YoY Growth---46.87%190.91%10.00%0.00%-100.00%0.00%5.26%0.00%0.00%-57.78%
Dividend Yield--3.43%6.78%2.34%2.05%0.00%5.08%4.27%2.47%2.03%2.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)143.14
(-) Cash Dividends Paid (M)29.96
(=) Cash Retained (M)113.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)28.6317.8910.74
Cash Retained (M)113.19113.19113.19
(-) Cash Required (M)-28.63-17.89-10.74
(=) Excess Retained (M)84.5695.29102.45
(/) Shares Outstanding (M)157.66157.66157.66
(=) Excess Retained per Share0.540.600.65
LTM Dividend per Share0.190.190.19
(+) Excess Retained per Share0.540.600.65
(=) Adjusted Dividend0.730.790.84
WACC / Discount Rate7.97%7.97%7.97%
Growth Rate2.23%3.23%4.23%
Fair Value$12.94$17.32$23.43
Upside / Downside166.36%256.29%382.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)143.14147.77152.54157.47162.55167.80172.84
Payout Ratio20.93%34.74%48.56%62.37%76.19%90.00%92.50%
Projected Dividends (M)29.9651.3474.0798.21123.84151.02159.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.97%7.97%7.97%
Growth Rate2.23%3.23%4.23%
Year 1 PV (M)47.0947.5548.01
Year 2 PV (M)62.3163.5464.78
Year 3 PV (M)75.7978.0480.33
Year 4 PV (M)87.6691.1494.72
Year 5 PV (M)98.05102.94108.03
PV of Terminal Value (M)2,090.072,194.322,302.68
Equity Value (M)2,460.982,577.532,698.54
Shares Outstanding (M)157.66157.66157.66
Fair Value$15.61$16.35$17.12
Upside / Downside221.19%236.40%252.19%

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