Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Malee Group Public Company Limited (MALEE.BK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$7.66 - $18.30$11.33
Multi-Stage$6.98 - $7.64$7.30
Blended Fair Value$9.31
Current Price$5.70
Upside63.39%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.000.020.000.000.000.130.450.370.28
YoY Growth--0.00%-100.00%957.37%0.00%-100.00%-100.00%-71.58%19.59%30.94%6.57%
Dividend Yield--0.00%0.00%0.29%0.03%0.00%0.00%1.63%2.05%0.76%1.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)197.85
(-) Cash Dividends Paid (M)54.56
(=) Cash Retained (M)143.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)39.5724.7314.84
Cash Retained (M)143.30143.30143.30
(-) Cash Required (M)-39.57-24.73-14.84
(=) Excess Retained (M)103.72118.56128.46
(/) Shares Outstanding (M)544.53544.53544.53
(=) Excess Retained per Share0.190.220.24
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.190.220.24
(=) Adjusted Dividend0.290.320.34
WACC / Discount Rate7.84%7.84%7.84%
Growth Rate3.90%4.90%5.90%
Fair Value$7.66$11.33$18.30
Upside / Downside34.32%98.69%221.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)197.85207.55217.71228.37239.56251.29258.83
Payout Ratio27.58%40.06%52.55%65.03%77.52%90.00%92.50%
Projected Dividends (M)54.5683.14114.40148.51185.69226.16239.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.84%7.84%7.84%
Growth Rate3.90%4.90%5.90%
Year 1 PV (M)76.3677.1077.83
Year 2 PV (M)96.5098.36100.25
Year 3 PV (M)115.06118.41121.83
Year 4 PV (M)132.13137.29142.60
Year 5 PV (M)147.80155.05162.58
PV of Terminal Value (M)3,230.983,389.493,554.16
Equity Value (M)3,798.823,975.704,159.25
Shares Outstanding (M)544.53544.53544.53
Fair Value$6.98$7.30$7.64
Upside / Downside22.39%28.09%34.00%

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