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Thai Life Insurance Public Company Limited (TLI.BK)

Company Dividend Discount ModelIndustry: Insurance - LifeSector: Financial Services

Valuation Snapshot

Stable Growth$9.64 - $14.81$12.05
Multi-Stage$20.67 - $22.74$21.68
Blended Fair Value$16.87
Current Price$10.00
Upside68.66%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS32.35%0.00%0.500.300.230.200.120.120.120.120.090.00
YoY Growth--66.65%29.62%17.37%60.15%0.00%0.00%0.00%33.00%0.00%0.00%
Dividend Yield--4.38%3.31%1.82%1.23%0.77%0.77%0.77%0.77%0.58%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12,107.85
(-) Cash Dividends Paid (M)5,725.36
(=) Cash Retained (M)6,382.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,421.571,513.48908.09
Cash Retained (M)6,382.496,382.496,382.49
(-) Cash Required (M)-2,421.57-1,513.48-908.09
(=) Excess Retained (M)3,960.924,869.005,474.40
(/) Shares Outstanding (M)11,464.1611,464.1611,464.16
(=) Excess Retained per Share0.350.420.48
LTM Dividend per Share0.500.500.50
(+) Excess Retained per Share0.350.420.48
(=) Adjusted Dividend0.840.920.98
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate-1.87%-0.87%0.13%
Fair Value$9.64$12.05$14.81
Upside / Downside-3.62%20.49%48.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12,107.8512,002.3611,897.7911,794.1411,691.3811,589.5211,937.21
Payout Ratio47.29%55.83%64.37%72.91%81.46%90.00%92.50%
Projected Dividends (M)5,725.366,700.817,658.838,599.649,523.4810,430.5711,041.92

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate-1.87%-0.87%0.13%
Year 1 PV (M)6,214.856,278.186,341.52
Year 2 PV (M)6,588.236,723.196,859.52
Year 3 PV (M)6,861.047,072.947,289.16
Year 4 PV (M)7,047.077,338.757,639.39
Year 5 PV (M)7,158.547,530.807,918.39
PV of Terminal Value (M)203,074.77213,635.19224,630.44
Equity Value (M)236,944.51248,579.06260,678.43
Shares Outstanding (M)11,464.1611,464.1611,464.16
Fair Value$20.67$21.68$22.74
Upside / Downside106.68%116.83%127.39%

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