Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Infraset Public Company Limited (INSET.BK)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$0.74 - $1.12$0.92
Multi-Stage$1.59 - $1.74$1.66
Blended Fair Value$1.29
Current Price$1.48
Upside-12.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-12.59%0.00%0.050.080.160.060.110.100.180.110.000.00
YoY Growth---40.12%-49.34%195.28%-47.06%7.59%-46.91%68.54%0.00%0.00%0.00%
Dividend Yield--2.43%3.69%5.28%0.94%2.71%4.95%7.53%4.47%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)69.76
(-) Cash Dividends Paid (M)65.02
(=) Cash Retained (M)4.74
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.958.725.23
Cash Retained (M)4.744.744.74
(-) Cash Required (M)-13.95-8.72-5.23
(=) Excess Retained (M)-9.21-3.98-0.49
(/) Shares Outstanding (M)812.77812.77812.77
(=) Excess Retained per Share-0.010.000.00
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share-0.010.000.00
(=) Adjusted Dividend0.070.080.08
WACC / Discount Rate7.09%7.09%7.09%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.74$0.92$1.12
Upside / Downside-49.98%-37.90%-24.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)69.7669.0668.3767.6967.0166.3468.33
Payout Ratio93.21%92.56%91.92%91.28%90.64%90.00%92.50%
Projected Dividends (M)65.0263.9362.8561.7960.7459.7163.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.09%7.09%7.09%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)59.0959.6960.30
Year 2 PV (M)53.7054.8055.91
Year 3 PV (M)48.8050.3151.85
Year 4 PV (M)44.3446.1848.08
Year 5 PV (M)40.2942.3944.58
PV of Terminal Value (M)1,042.941,097.251,153.80
Equity Value (M)1,289.171,350.621,414.51
Shares Outstanding (M)812.77812.77812.77
Fair Value$1.59$1.66$1.74
Upside / Downside7.17%12.28%17.59%

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