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Supreme Distribution Public Company Limited (SPREME.BK)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$1.08 - $1.65$1.35
Multi-Stage$2.40 - $2.64$2.52
Blended Fair Value$1.93
Current Price$1.45
Upside33.24%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%0.040.520.640.270.080.000.000.000.000.00
YoY Growth---91.43%-18.02%135.00%233.33%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.06%21.70%26.46%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)89.82
(-) Cash Dividends Paid (M)81.40
(=) Cash Retained (M)8.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.9611.236.74
Cash Retained (M)8.428.428.42
(-) Cash Required (M)-17.96-11.23-6.74
(=) Excess Retained (M)-9.54-2.811.68
(/) Shares Outstanding (M)740.00740.00740.00
(=) Excess Retained per Share-0.010.000.00
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share-0.010.000.00
(=) Adjusted Dividend0.100.110.11
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.08$1.35$1.65
Upside / Downside-25.48%-7.12%13.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)89.8288.9288.0387.1586.2885.4287.98
Payout Ratio90.62%90.50%90.37%90.25%90.12%90.00%92.50%
Projected Dividends (M)81.4080.4779.5678.6677.7676.8881.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)74.5875.3576.11
Year 2 PV (M)68.3469.7471.16
Year 3 PV (M)62.6264.5566.53
Year 4 PV (M)57.3859.7562.20
Year 5 PV (M)52.5755.3158.16
PV of Terminal Value (M)1,461.831,537.951,617.21
Equity Value (M)1,777.321,862.651,951.37
Shares Outstanding (M)740.00740.00740.00
Fair Value$2.40$2.52$2.64
Upside / Downside65.64%73.59%81.86%

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