Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sime Darby Plantation Berhad (5285.KL)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$41.20 - $78.62$73.68
Multi-Stage$12.08 - $13.24$12.65
Blended Fair Value$43.16
Current Price$4.64
Upside830.24%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201820172016
DPS19.83%6.57%0.160.090.220.140.050.070.030.030.130.10
YoY Growth--76.51%-58.49%64.92%171.54%-24.71%124.98%-14.29%-73.55%28.57%16.67%
Dividend Yield--3.35%2.13%5.24%2.73%1.08%1.34%0.58%0.66%2.60%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,734.00
(-) Cash Dividends Paid (M)322.00
(=) Cash Retained (M)2,412.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)546.80341.75205.05
Cash Retained (M)2,412.002,412.002,412.00
(-) Cash Required (M)-546.80-341.75-205.05
(=) Excess Retained (M)1,865.202,070.252,206.95
(/) Shares Outstanding (M)6,916.006,916.006,916.00
(=) Excess Retained per Share0.270.300.32
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share0.270.300.32
(=) Adjusted Dividend0.320.350.37
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Fair Value$41.20$73.68$78.62
Upside / Downside787.97%1,487.86%1,594.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,734.002,911.713,100.973,302.533,517.203,745.823,858.19
Payout Ratio11.78%27.42%43.07%58.71%74.36%90.00%92.50%
Projected Dividends (M)322.00798.451,335.481,938.952,615.233,371.243,568.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)744.01751.06758.11
Year 2 PV (M)1,159.571,181.661,203.95
Year 3 PV (M)1,568.761,613.791,659.68
Year 4 PV (M)1,971.642,047.472,125.46
Year 5 PV (M)2,368.302,482.692,601.46
PV of Terminal Value (M)75,748.3479,407.0183,205.71
Equity Value (M)83,560.6287,483.6891,554.37
Shares Outstanding (M)6,916.006,916.006,916.00
Fair Value$12.08$12.65$13.24
Upside / Downside160.39%172.62%185.30%

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