Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

SC Asset Corporation Public Company Limited (SC-R.BK)

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

Valuation Snapshot

Stable Growth$11.58 - $63.82$22.36
Multi-Stage$13.72 - $15.07$14.38
Blended Fair Value$18.37
Current Price$1.95
Upside842.05%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.08%7.26%0.210.250.280.180.190.160.120.190.180.07
YoY Growth---15.79%-9.69%56.67%-5.08%18.75%33.33%-36.84%5.56%153.12%-33.28%
Dividend Yield--8.82%6.60%6.45%4.64%5.73%8.54%3.91%5.07%4.75%2.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,406.86
(-) Cash Dividends Paid (M)684.21
(=) Cash Retained (M)722.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)281.37175.86105.51
Cash Retained (M)722.65722.65722.65
(-) Cash Required (M)-281.37-175.86-105.51
(=) Excess Retained (M)441.28546.80617.14
(/) Shares Outstanding (M)4,277.624,277.624,277.62
(=) Excess Retained per Share0.100.130.14
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.100.130.14
(=) Adjusted Dividend0.260.290.30
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate2.89%3.89%4.89%
Fair Value$11.58$22.36$63.82
Upside / Downside493.96%1,046.49%3,172.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,406.861,461.531,518.311,577.311,638.601,702.271,753.33
Payout Ratio48.63%56.91%65.18%73.45%81.73%90.00%92.50%
Projected Dividends (M)684.21831.71989.641,158.591,339.171,532.041,621.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate2.89%3.89%4.89%
Year 1 PV (M)782.82790.43798.04
Year 2 PV (M)876.71893.84911.13
Year 3 PV (M)966.05994.491,023.48
Year 4 PV (M)1,050.981,092.441,135.11
Year 5 PV (M)1,131.661,187.741,246.02
PV of Terminal Value (M)53,896.1256,566.7659,342.24
Equity Value (M)58,704.3461,525.6964,456.01
Shares Outstanding (M)4,277.624,277.624,277.62
Fair Value$13.72$14.38$15.07
Upside / Downside603.77%637.60%672.73%

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