Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Forth Corporation Public Company Limited (FORTH.BK)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$9.50 - $17.51$12.80
Multi-Stage$12.86 - $14.13$13.48
Blended Fair Value$13.14
Current Price$9.10
Upside44.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.00%1.85%0.370.620.450.350.420.430.510.350.350.31
YoY Growth---40.29%37.77%28.53%-16.62%-2.59%-16.03%47.06%0.00%13.33%0.00%
Dividend Yield--5.61%3.76%1.41%1.11%5.71%8.37%8.41%5.25%4.99%4.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)606.77
(-) Cash Dividends Paid (M)0.00
(=) Cash Retained (M)606.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)121.3575.8545.51
Cash Retained (M)606.77606.77606.77
(-) Cash Required (M)-121.35-75.85-45.51
(=) Excess Retained (M)485.42530.92561.26
(/) Shares Outstanding (M)935.37935.37935.37
(=) Excess Retained per Share0.520.570.60
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.520.570.60
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate7.15%7.15%7.15%
Growth Rate1.60%2.60%3.60%
Fair Value$9.50$12.80$17.51
Upside / Downside4.39%40.64%92.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)606.77622.54638.72655.32672.36689.83710.53
Payout Ratio0.00%18.00%36.00%54.00%72.00%90.00%92.50%
Projected Dividends (M)0.00112.06229.94353.88484.10620.85657.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.15%7.15%7.15%
Growth Rate1.60%2.60%3.60%
Year 1 PV (M)103.56104.58105.60
Year 2 PV (M)196.39200.28204.20
Year 3 PV (M)279.33287.66296.15
Year 4 PV (M)353.15367.26381.79
Year 5 PV (M)418.57439.58461.42
PV of Terminal Value (M)10,678.0611,214.0111,771.26
Equity Value (M)12,029.0612,613.3613,220.42
Shares Outstanding (M)935.37935.37935.37
Fair Value$12.86$13.48$14.13
Upside / Downside41.32%48.18%55.32%

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