Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ratchthani Leasing Public Company Limited (THANI.BK)

Company Dividend Discount ModelIndustry: Financial - Credit ServicesSector: Financial Services

Valuation Snapshot

Stable Growth$1.47 - $2.29$1.85
Multi-Stage$4.32 - $4.76$4.54
Blended Fair Value$3.19
Current Price$1.66
Upside92.26%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-40.19%8.89%0.020.150.150.150.100.240.010.080.070.01
YoY Growth---88.23%0.01%-0.01%59.37%-59.18%1,941.66%-85.71%16.67%620.00%25.00%
Dividend Yield--1.06%6.60%4.64%4.09%2.36%8.80%0.30%2.00%3.22%0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)955.60
(-) Cash Dividends Paid (M)436.05
(=) Cash Retained (M)519.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)191.12119.4571.67
Cash Retained (M)519.56519.56519.56
(-) Cash Required (M)-191.12-119.45-71.67
(=) Excess Retained (M)328.44400.11447.89
(/) Shares Outstanding (M)6,229.336,229.336,229.33
(=) Excess Retained per Share0.050.060.07
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.050.060.07
(=) Adjusted Dividend0.120.130.14
WACC / Discount Rate5.51%5.51%5.51%
Growth Rate-2.63%-1.63%-0.63%
Fair Value$1.47$1.85$2.29
Upside / Downside-11.66%11.27%38.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)955.60939.99924.63909.52894.66880.05906.45
Payout Ratio45.63%54.50%63.38%72.25%81.13%90.00%92.50%
Projected Dividends (M)436.05512.34586.02657.15725.81792.04838.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.51%5.51%5.51%
Growth Rate-2.63%-1.63%-0.63%
Year 1 PV (M)480.62485.56490.49
Year 2 PV (M)515.71526.36537.12
Year 3 PV (M)542.52559.40576.64
Year 4 PV (M)562.10585.56609.73
Year 5 PV (M)575.43605.59637.01
PV of Terminal Value (M)24,223.3425,493.0826,815.53
Equity Value (M)26,899.7228,255.5629,666.52
Shares Outstanding (M)6,229.336,229.336,229.33
Fair Value$4.32$4.54$4.76
Upside / Downside160.13%173.25%186.89%

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