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$53.59 - $170.03$159.33
Multi-Stage$28.12 - $30.77$29.42
Blended Fair Value$94.37
Current Price$13.40
Upside604.28%
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 Rate6.12%6.12%6.12%
Growth Rate4.78%5.78%6.78%
Fair Value$53.59$159.33$170.03
Upside / Downside299.95%1,089.02%1,168.85%

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 Rate6.12%6.12%6.12%
Growth Rate4.78%5.78%6.78%
Year 1 PV (M)195.66197.52199.39
Year 2 PV (M)200.28204.12208.00
Year 3 PV (M)204.75210.67216.70
Year 4 PV (M)209.08217.17225.50
Year 5 PV (M)213.26223.64234.41
PV of Terminal Value (M)7,227.917,579.477,944.59
Equity Value (M)8,250.938,632.609,028.59
Shares Outstanding (M)293.45293.45293.45
Fair Value$28.12$29.42$30.77
Upside / Downside109.83%119.54%129.61%

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