Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Krungthai Car Rent and Lease Public Company Limited (KCAR.BK)

Company Dividend Discount ModelIndustry: Rental & Leasing ServicesSector: Industrials

Valuation Snapshot

Stable Growth$9.24 - $16.51$12.30
Multi-Stage$27.35 - $30.14$28.71
Blended Fair Value$20.51
Current Price$5.45
Upside276.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-24.21%-9.40%0.190.560.450.390.560.760.951.230.540.43
YoY Growth---66.07%24.44%15.38%-30.36%-26.32%-20.00%-22.76%127.78%25.58%-15.69%
Dividend Yield--4.75%8.89%5.56%4.67%6.36%9.56%8.19%8.20%3.46%4.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)171.78
(-) Cash Dividends Paid (M)75.00
(=) Cash Retained (M)96.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34.3621.4712.88
Cash Retained (M)96.7896.7896.78
(-) Cash Required (M)-34.36-21.47-12.88
(=) Excess Retained (M)62.4375.3183.90
(/) Shares Outstanding (M)250.00250.00250.00
(=) Excess Retained per Share0.250.300.34
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share0.250.300.34
(=) Adjusted Dividend0.550.600.64
WACC / Discount Rate4.94%4.94%4.94%
Growth Rate-0.95%0.05%1.05%
Fair Value$9.24$12.30$16.51
Upside / Downside69.63%125.74%202.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)171.78171.86171.95172.03172.12172.20177.37
Payout Ratio43.66%52.93%62.20%71.46%80.73%90.00%92.50%
Projected Dividends (M)75.0090.96106.95122.94138.95154.98164.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.94%4.94%4.94%
Growth Rate-0.95%0.05%1.05%
Year 1 PV (M)85.8286.6887.55
Year 2 PV (M)95.1997.1299.07
Year 3 PV (M)103.23106.39109.61
Year 4 PV (M)110.07114.59119.24
Year 5 PV (M)115.82121.79128.00
PV of Terminal Value (M)6,326.216,652.076,991.23
Equity Value (M)6,836.347,178.647,534.69
Shares Outstanding (M)250.00250.00250.00
Fair Value$27.35$28.71$30.14
Upside / Downside401.75%426.87%453.01%

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