Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Rajthanee Hospital Public Company Limited (RJH.BK)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$27.07 - $127.87$47.85
Multi-Stage$19.64 - $21.45$20.53
Blended Fair Value$34.19
Current Price$13.40
Upside155.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.86%6.78%0.751.483.062.191.071.020.660.410.430.22
YoY Growth---48.96%-51.60%39.37%104.28%5.12%53.96%62.27%-5.81%94.57%-43.08%
Dividend Yield--5.47%5.94%10.63%6.85%4.09%5.43%2.97%1.60%1.89%1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)252.58
(-) Cash Dividends Paid (M)190.88
(=) Cash Retained (M)61.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)50.5231.5718.94
Cash Retained (M)61.7061.7061.70
(-) Cash Required (M)-50.52-31.57-18.94
(=) Excess Retained (M)11.1830.1242.75
(/) Shares Outstanding (M)293.45293.45293.45
(=) Excess Retained per Share0.040.100.15
LTM Dividend per Share0.650.650.65
(+) Excess Retained per Share0.040.100.15
(=) Adjusted Dividend0.690.750.80
WACC / Discount Rate7.44%7.44%7.44%
Growth Rate4.78%5.78%6.78%
Fair Value$27.07$47.85$127.87
Upside / Downside102.04%257.10%854.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)252.58267.17282.60298.93316.20334.47344.50
Payout Ratio75.57%78.46%81.34%84.23%87.11%90.00%92.50%
Projected Dividends (M)190.88209.62229.88251.79275.46301.02318.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.44%7.44%7.44%
Growth Rate4.78%5.78%6.78%
Year 1 PV (M)193.25195.10196.94
Year 2 PV (M)195.39199.14202.92
Year 3 PV (M)197.30203.01208.82
Year 4 PV (M)199.00206.71214.64
Year 5 PV (M)200.49210.25220.37
PV of Terminal Value (M)4,778.005,010.405,251.75
Equity Value (M)5,763.446,024.596,295.45
Shares Outstanding (M)293.45293.45293.45
Fair Value$19.64$20.53$21.45
Upside / Downside46.57%53.21%60.10%

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