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Sahamitr Pressure Container Public Company Limited (SMPC.BK)

Company Dividend Discount ModelIndustry: Manufacturing - Metal FabricationSector: Industrials

Valuation Snapshot

Stable Growth$64.26 - $231.66$204.86
Multi-Stage$33.27 - $36.40$34.81
Blended Fair Value$119.83
Current Price$9.00
Upside1,231.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.39%24.98%0.610.611.070.780.550.570.650.580.610.25
YoY Growth---0.02%-42.99%36.68%42.67%-3.62%-12.03%10.96%-4.43%145.20%279.35%
Dividend Yield--6.73%6.62%8.69%5.66%4.85%13.10%6.27%4.04%3.69%2.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)626.43
(-) Cash Dividends Paid (M)358.19
(=) Cash Retained (M)268.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)125.2978.3046.98
Cash Retained (M)268.25268.25268.25
(-) Cash Required (M)-125.29-78.30-46.98
(=) Excess Retained (M)142.96189.94221.26
(/) Shares Outstanding (M)535.51535.51535.51
(=) Excess Retained per Share0.270.350.41
LTM Dividend per Share0.670.670.67
(+) Excess Retained per Share0.270.350.41
(=) Adjusted Dividend0.941.021.08
WACC / Discount Rate6.58%6.58%6.58%
Growth Rate5.05%6.05%7.05%
Fair Value$64.26$204.86$231.66
Upside / Downside613.99%2,176.18%2,474.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)626.43664.32704.50747.11792.29840.21865.42
Payout Ratio57.18%63.74%70.31%76.87%83.44%90.00%92.50%
Projected Dividends (M)358.19423.46495.31574.31661.06756.19800.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.58%6.58%6.58%
Growth Rate5.05%6.05%7.05%
Year 1 PV (M)393.57397.32401.07
Year 2 PV (M)427.87436.06444.32
Year 3 PV (M)461.11474.40487.95
Year 4 PV (M)493.30512.35531.95
Year 5 PV (M)524.47549.91576.33
PV of Terminal Value (M)15,517.3316,270.1117,051.82
Equity Value (M)17,817.6518,640.1519,493.45
Shares Outstanding (M)535.51535.51535.51
Fair Value$33.27$34.81$36.40
Upside / Downside269.69%286.76%304.47%

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