Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Harn Engineering Solutions Public Company Limited (HARN.BK)

Company Dividend Discount ModelIndustry: Security & Protection ServicesSector: Industrials

Valuation Snapshot

Stable Growth$0.82 - $1.14$0.98
Multi-Stage$1.46 - $1.59$1.52
Blended Fair Value$1.25
Current Price$1.99
Upside-37.18%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.30%-1.21%0.150.130.100.130.180.160.140.090.060.09
YoY Growth--15.30%30.00%-23.08%-27.78%12.50%14.29%55.56%50.30%-33.33%-46.97%
Dividend Yield--7.07%5.91%4.72%5.56%7.32%9.04%5.98%2.96%2.30%3.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)80.63
(-) Cash Dividends Paid (M)70.14
(=) Cash Retained (M)10.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.1310.086.05
Cash Retained (M)10.4910.4910.49
(-) Cash Required (M)-16.13-10.08-6.05
(=) Excess Retained (M)-5.640.414.44
(/) Shares Outstanding (M)584.50584.50584.50
(=) Excess Retained per Share-0.010.000.01
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share-0.010.000.01
(=) Adjusted Dividend0.110.120.13
WACC / Discount Rate9.77%9.77%9.77%
Growth Rate-3.30%-2.30%-1.30%
Fair Value$0.82$0.98$1.14
Upside / Downside-58.94%-50.87%-42.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)80.6378.7876.9775.2073.4771.7973.94
Payout Ratio86.99%87.59%88.19%88.80%89.40%90.00%92.50%
Projected Dividends (M)70.1469.0067.8866.7865.6864.6168.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.77%9.77%9.77%
Growth Rate-3.30%-2.30%-1.30%
Year 1 PV (M)62.2262.8663.51
Year 2 PV (M)55.1956.3457.50
Year 3 PV (M)48.9650.4952.06
Year 4 PV (M)43.4245.2547.13
Year 5 PV (M)38.5140.5542.66
PV of Terminal Value (M)602.63634.44667.58
Equity Value (M)850.94889.93930.43
Shares Outstanding (M)584.50584.50584.50
Fair Value$1.46$1.52$1.59
Upside / Downside-26.84%-23.49%-20.01%

High-Yield Dividend Screener

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