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Srinanaporn Marketing Public Company Limited (SNNP.BK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$15.16 - $41.55$23.42
Multi-Stage$18.50 - $20.26$19.37
Blended Fair Value$21.39
Current Price$9.00
Upside137.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS21.39%0.00%0.520.480.330.100.000.200.850.000.000.00
YoY Growth--8.21%44.39%220.05%0.00%-100.00%-76.74%0.00%0.00%0.00%0.00%
Dividend Yield--4.33%2.76%1.36%0.65%0.00%2.14%9.21%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)597.80
(-) Cash Dividends Paid (M)551.36
(=) Cash Retained (M)46.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)119.5674.7244.83
Cash Retained (M)46.4446.4446.44
(-) Cash Required (M)-119.56-74.72-44.83
(=) Excess Retained (M)-73.12-28.291.60
(/) Shares Outstanding (M)923.58923.58923.58
(=) Excess Retained per Share-0.08-0.030.00
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share-0.08-0.030.00
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate6.29%6.29%6.29%
Growth Rate2.78%3.78%4.78%
Fair Value$15.16$23.42$41.55
Upside / Downside68.49%160.22%361.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)597.80620.40643.86668.21693.48719.71741.30
Payout Ratio92.23%91.79%91.34%90.89%90.45%90.00%92.50%
Projected Dividends (M)551.36569.44588.10607.36627.23647.74685.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.29%6.29%6.29%
Growth Rate2.78%3.78%4.78%
Year 1 PV (M)530.57535.73540.90
Year 2 PV (M)510.56520.54530.62
Year 3 PV (M)491.29505.77520.53
Year 4 PV (M)472.73491.40510.61
Year 5 PV (M)454.86477.43500.88
PV of Terminal Value (M)14,629.2315,354.8816,109.04
Equity Value (M)17,089.2417,885.7518,712.58
Shares Outstanding (M)923.58923.58923.58
Fair Value$18.50$19.37$20.26
Upside / Downside105.59%115.17%125.12%

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