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TPI Polene Power Public Company Limited (TPIPP-R.BK)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$3.12 - $4.82$3.91
Multi-Stage$6.89 - $7.60$7.24
Blended Fair Value$5.58
Current Price$2.24
Upside148.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-6.89%0.00%0.210.240.250.270.320.300.340.450.300.00
YoY Growth---12.50%-4.00%-7.41%-15.63%6.67%-11.76%-24.38%48.02%0.00%0.00%
Dividend Yield--9.45%7.22%7.43%6.92%7.30%9.80%5.62%6.61%4.34%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,844.56
(-) Cash Dividends Paid (M)588.00
(=) Cash Retained (M)2,256.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)568.91355.57213.34
Cash Retained (M)2,256.562,256.562,256.56
(-) Cash Required (M)-568.91-355.57-213.34
(=) Excess Retained (M)1,687.651,900.992,043.22
(/) Shares Outstanding (M)8,406.848,406.848,406.84
(=) Excess Retained per Share0.200.230.24
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.200.230.24
(=) Adjusted Dividend0.270.300.31
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.12$3.91$4.82
Upside / Downside39.49%74.70%115.30%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,844.562,816.122,787.952,760.072,732.472,705.152,786.30
Payout Ratio20.67%34.54%48.40%62.27%76.13%90.00%92.50%
Projected Dividends (M)588.00972.601,349.441,718.652,080.352,434.632,577.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)904.10913.32922.55
Year 2 PV (M)1,166.061,189.971,214.14
Year 3 PV (M)1,380.501,423.191,466.75
Year 4 PV (M)1,553.341,617.711,684.07
Year 5 PV (M)1,689.841,777.831,869.46
PV of Terminal Value (M)51,258.5053,927.6556,706.85
Equity Value (M)57,952.3360,849.6963,863.82
Shares Outstanding (M)8,406.848,406.848,406.84
Fair Value$6.89$7.24$7.60
Upside / Downside207.74%223.13%239.14%

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