Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bangkok Airways Public Company Limited (BA-R.BK)

Company Dividend Discount ModelIndustry: Airlines, Airports & Air ServicesSector: Industrials

Valuation Snapshot

Stable Growth$15.94 - $25.30$20.20
Multi-Stage$30.26 - $33.19$31.70
Blended Fair Value$25.95
Current Price$12.20
Upside112.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS69.56%0.00%1.100.500.000.000.100.080.300.500.700.45
YoY Growth--120.21%13,468,478.57%-7.65%-100.00%23.42%-73.84%-40.00%-28.57%55.56%0.00%
Dividend Yield--5.98%3.06%0.00%0.00%1.14%1.95%2.52%3.47%3.45%1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,278.89
(-) Cash Dividends Paid (M)2,729.05
(=) Cash Retained (M)549.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)655.78409.86245.92
Cash Retained (M)549.84549.84549.84
(-) Cash Required (M)-655.78-409.86-245.92
(=) Excess Retained (M)-105.94139.98303.92
(/) Shares Outstanding (M)2,100.002,100.002,100.00
(=) Excess Retained per Share-0.050.070.14
LTM Dividend per Share1.301.301.30
(+) Excess Retained per Share-0.050.070.14
(=) Adjusted Dividend1.251.371.44
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate-0.67%0.33%1.33%
Fair Value$15.94$20.20$25.30
Upside / Downside30.63%65.58%107.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,278.893,289.603,300.353,311.133,321.943,332.793,432.78
Payout Ratio83.23%84.58%85.94%87.29%88.65%90.00%92.50%
Projected Dividends (M)2,729.052,782.502,836.272,890.362,944.782,999.513,175.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate-0.67%0.33%1.33%
Year 1 PV (M)2,571.862,597.752,623.65
Year 2 PV (M)2,423.102,472.142,521.67
Year 3 PV (M)2,282.382,352.022,423.05
Year 4 PV (M)2,149.322,237.192,327.73
Year 5 PV (M)2,023.542,127.472,235.64
PV of Terminal Value (M)52,097.4054,773.2757,557.98
Equity Value (M)63,547.6066,559.8469,689.71
Shares Outstanding (M)2,100.002,100.002,100.00
Fair Value$30.26$31.70$33.19
Upside / Downside148.04%159.80%172.01%

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