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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 18.1% - 17.1% | 17.6% |
| Fair Value | ฿11.26 - ฿12.13 | ฿11.62 |
| Upside | -52.3% - -48.6% | -50.7% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (THB in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 18,473 | 18,805 | 20,021 | 19,062 | 20,064 | 22,566 | 22,566 | |
| % Growth | NM | 1.8% | 6.5% | -4.8% | 5.3% | 12.5% | ||
| Payout Ratio | 18.8% | 33.0% | 47.0% | 61.0% | 75.0% | 90.0% | 92.5% | |
| Projected Dividends | 3,481 | 6,206 | 9,410 | 11,628 | 15,048 | 20,309 | 20,873 | |
| % Growth | 78.3% | 51.6% | 23.6% | 29.4% | 35.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (THB in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 6,503 | 7,969 | 5,996 | 2,762 | 3,481 | 2,762 | 3,481 | |
| % Growth | 23% | -25% | -54% | 26% | 26% | |||
| Net Income to Common | 25,420 | 12,428 | 13,414 | (5,837) | 18,473 | (5,837) | 18,473 | |
| % Growth | -51% | 8% | NM | NM | NM | |||
| Payout Ratio | 26% | 64% | 45% | -47% | 19% | -47% | 19% | |
| Retention Ratio | 74% | 36% | 55% | 147% | 81% | 147% | 81% | |
| Adjusted EBITDA | 76,483 | 42,803 | 57,394 | 35,842 | 64,732 | 35,842 | 64,732 | |
| % Growth | -44% | 34% | -38% | 81% | 81% | |||
| Total Debt | 416,111 | 464,617 | 520,553 | 515,112 | 494,897 | 515,112 | 494,897 | |
| Shareholder's Equity | 191,937 | 217,302 | 256,053 | 239,416 | 246,041 | 239,416 | 246,041 | |
| Debt / EBITDA | 5.4 | 10.9 | 9.1 | 14.4 | 7.6 | 5.3 | ||
| Debt / Equity | 217% | 214% | 203% | 215% | 201% | 215% | 201% | |
| 3-Yr Avg. Dividend Growth | -17.6% | |||||||
| 5-Yr Median Payout Ratio | 25.6% | |||||||