Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sports Toto Berhad (1562.KL)

Company Dividend Discount ModelIndustry: Gambling, Resorts & CasinosSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$1.39 - $2.09$1.72
Multi-Stage$2.80 - $3.08$2.94
Blended Fair Value$2.33
Current Price$1.43
Upside62.76%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202520242023202220212020
DPS-6.39%0.00%0.090.060.100.040.070.130.000.000.000.00
YoY Growth--39.26%-31.92%171.79%-46.21%-48.13%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.33%4.04%6.58%2.05%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)217.78
(-) Cash Dividends Paid (M)107.22
(=) Cash Retained (M)110.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)43.5627.2216.33
Cash Retained (M)110.56110.56110.56
(-) Cash Required (M)-43.56-27.22-16.33
(=) Excess Retained (M)67.0183.3494.23
(/) Shares Outstanding (M)1,337.861,337.861,337.86
(=) Excess Retained per Share0.050.060.07
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.050.060.07
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate7.21%7.21%7.21%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.39$1.72$2.09
Upside / Downside-3.14%20.06%45.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)217.78215.60213.44211.31209.19207.10213.32
Payout Ratio49.23%57.39%65.54%73.69%81.85%90.00%92.50%
Projected Dividends (M)107.22123.72139.89155.72171.22186.39197.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.21%7.21%7.21%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)114.23115.40116.56
Year 2 PV (M)119.25121.70124.17
Year 3 PV (M)122.57126.36130.22
Year 4 PV (M)124.43129.59134.90
Year 5 PV (M)125.07131.58138.36
PV of Terminal Value (M)3,142.373,306.003,476.38
Equity Value (M)3,747.923,930.624,120.60
Shares Outstanding (M)1,337.861,337.861,337.86
Fair Value$2.80$2.94$3.08
Upside / Downside95.90%105.45%115.38%

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