Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tropical Canning (Thailand) Public Company Limited (TC.BK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$7.23 - $11.47$9.17
Multi-Stage$11.99 - $13.17$12.57
Blended Fair Value$10.87
Current Price$5.25
Upside107.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.79%0.00%0.100.500.150.250.120.150.050.100.150.15
YoY Growth---80.00%233.33%-40.00%108.33%-20.00%200.00%-50.00%-33.33%0.00%49.99%
Dividend Yield--1.65%8.17%1.78%2.92%2.12%6.03%1.29%3.30%4.53%3.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)233.89
(-) Cash Dividends Paid (M)99.00
(=) Cash Retained (M)134.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)46.7829.2417.54
Cash Retained (M)134.89134.89134.89
(-) Cash Required (M)-46.78-29.24-17.54
(=) Excess Retained (M)88.11105.65117.35
(/) Shares Outstanding (M)330.89330.89330.89
(=) Excess Retained per Share0.270.320.35
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share0.270.320.35
(=) Adjusted Dividend0.570.620.65
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate-0.19%0.81%1.81%
Fair Value$7.23$9.17$11.47
Upside / Downside37.81%74.62%118.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)233.89235.79237.70239.63241.57243.53250.84
Payout Ratio42.33%51.86%61.40%70.93%80.47%90.00%92.50%
Projected Dividends (M)99.00122.28145.94169.97194.38219.18232.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate-0.19%0.81%1.81%
Year 1 PV (M)112.51113.63114.76
Year 2 PV (M)123.53126.02128.53
Year 3 PV (M)132.37136.39140.49
Year 4 PV (M)139.28144.95150.78
Year 5 PV (M)144.49151.87159.56
PV of Terminal Value (M)3,316.223,485.703,662.05
Equity Value (M)3,968.404,158.574,356.18
Shares Outstanding (M)330.89330.89330.89
Fair Value$11.99$12.57$13.17
Upside / Downside128.44%139.39%150.77%

High-Yield Dividend Screener

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