Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CH. Karnchang Public Company Limited (CK-R.BK)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$27.65 - $80.00$43.40
Multi-Stage$98.08 - $108.24$103.06
Blended Fair Value$73.23
Current Price$11.30
Upside548.05%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.71%-2.78%0.300.250.390.200.200.500.450.500.650.60
YoY Growth--20.73%-36.53%100.01%-2.13%-60.00%11.15%-10.00%-23.11%8.33%50.82%
Dividend Yield--2.18%1.08%1.90%0.97%1.12%3.28%1.79%2.08%2.40%2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,981.82
(-) Cash Dividends Paid (M)506.48
(=) Cash Retained (M)1,475.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)396.36247.73148.64
Cash Retained (M)1,475.341,475.341,475.34
(-) Cash Required (M)-396.36-247.73-148.64
(=) Excess Retained (M)1,078.981,227.621,326.71
(/) Shares Outstanding (M)1,686.731,686.731,686.73
(=) Excess Retained per Share0.640.730.79
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share0.640.730.79
(=) Adjusted Dividend0.941.031.09
WACC / Discount Rate2.69%2.69%2.69%
Growth Rate-0.69%0.31%1.31%
Fair Value$27.65$43.40$80.00
Upside / Downside144.67%284.05%607.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,981.821,988.001,994.192,000.392,006.622,012.872,073.26
Payout Ratio25.56%38.45%51.33%64.22%77.11%90.00%92.50%
Projected Dividends (M)506.48764.291,023.691,284.701,547.331,811.581,917.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.69%2.69%2.69%
Growth Rate-0.69%0.31%1.31%
Year 1 PV (M)736.86744.28751.70
Year 2 PV (M)951.55970.80990.26
Year 3 PV (M)1,151.311,186.441,222.28
Year 4 PV (M)1,336.921,391.581,447.91
Year 5 PV (M)1,509.071,586.591,667.27
PV of Terminal Value (M)159,752.07167,958.68176,499.13
Equity Value (M)165,437.79173,838.39182,578.55
Shares Outstanding (M)1,686.731,686.731,686.73
Fair Value$98.08$103.06$108.24
Upside / Downside767.98%812.06%857.91%

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