Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TTW Public Company Limited (TTW-R.BK)

Company Dividend Discount ModelIndustry: Regulated WaterSector: Utilities

Valuation Snapshot

Stable Growth$7.54 - $11.81$9.50
Multi-Stage$24.44 - $26.94$25.67
Blended Fair Value$17.58
Current Price$8.65
Upside103.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%-0.80%0.600.600.600.600.600.600.600.600.600.65
YoY Growth---0.01%0.00%0.01%0.00%-0.03%0.00%0.01%0.00%-7.70%0.02%
Dividend Yield--6.90%6.63%6.86%5.40%5.08%4.72%4.96%4.96%5.66%6.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,130.29
(-) Cash Dividends Paid (M)2,393.44
(=) Cash Retained (M)736.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)626.06391.29234.77
Cash Retained (M)736.85736.85736.85
(-) Cash Required (M)-626.06-391.29-234.77
(=) Excess Retained (M)110.79345.56502.08
(/) Shares Outstanding (M)3,990.003,990.003,990.00
(=) Excess Retained per Share0.030.090.13
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share0.030.090.13
(=) Adjusted Dividend0.630.690.73
WACC / Discount Rate5.30%5.30%5.30%
Growth Rate-2.80%-1.80%-0.80%
Fair Value$7.54$9.50$11.81
Upside / Downside-12.86%9.86%36.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,130.293,074.013,018.742,964.462,911.162,858.822,944.59
Payout Ratio76.46%79.17%81.88%84.58%87.29%90.00%92.50%
Projected Dividends (M)2,393.442,433.652,471.642,507.472,541.222,572.942,723.74

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.30%5.30%5.30%
Growth Rate-2.80%-1.80%-0.80%
Year 1 PV (M)2,287.722,311.252,334.79
Year 2 PV (M)2,184.102,229.272,274.91
Year 3 PV (M)2,082.902,147.852,214.14
Year 4 PV (M)1,984.352,067.282,152.78
Year 5 PV (M)1,888.651,987.822,091.11
PV of Terminal Value (M)87,091.3891,664.4296,427.58
Equity Value (M)97,519.10102,407.90107,495.30
Shares Outstanding (M)3,990.003,990.003,990.00
Fair Value$24.44$25.67$26.94
Upside / Downside182.55%196.72%211.46%

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