TPBI Public Company Limited

Fair Value Summary

Current Price	$2.90
5Y Range	6.10 – 14.14
5Y Selected	10.12
(-) Safety Margin	85.25%
5Y Buy Price	$1.86
Upside (to Buy Price)	-35.92%
10Y Range	5.70 – 12.42
10Y Selected	9.06
(-) Safety Margin	85.25%
10Y Buy Price	$1.66
Upside (to Buy Price)	-42.64%

Company Predictability & Safety

Metric	Value
Revenue R2 (5Y)	0.0003
Revenue R2 (10Y)	0.4549
Net Income R2 (5Y)	0.3315
Net Income R2 (10Y)	0.0218
EBITDA R2 (5Y)	0.1646
EBITDA R2 (10Y)	0.0314
FCF R2 (5Y)	0.2363
FCF R2 (10Y)	0.2502

Safety Score	0.1836

DA 10-Year Projection

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
% Growth	1.04%	1.37%	1.69%	2.02%	2.35%	2.68%	3.01%	3.34%	3.67%	4.00%
Revenue	5,683.57	5,761.18	5,858.83	5,977.42	6,118.10	6,282.23	6,471.46	6,687.70	6,933.18	7,210.51
EBITDA	537.29	544.63	553.86	565.07	578.37	593.89	611.77	632.22	655.42	681.64
D&A	-264.91	-268.53	-273.08	-278.61	-285.17	-292.82	-301.64	-311.72	-323.16	-336.09
EBIT	272.38	276.10	280.78	286.46	293.20	301.07	310.14	320.50	332.26	345.55
Pro forma Taxes	-54.39	-55.13	-56.06	-57.20	-58.54	-60.12	-61.93	-64.00	-66.34	-69.00
NOPAT	217.99	220.97	224.71	229.26	234.66	240.95	248.21	256.50	265.92	276.56
Capital Expenditures	-338.54	-343.17	-348.98	-356.05	-364.43	-374.20	-385.47	-398.35	-412.98	-429.50
NWC Investment	-11.41	-15.19	-19.11	-23.21	-27.53	-32.12	-37.03	-42.31	-48.03	-54.27
(+) D&A	264.91	268.53	273.08	278.61	285.17	292.82	301.64	311.72	323.16	336.09
Free Cash Flow	132.96	131.15	129.71	128.62	127.87	127.45	127.35	127.56	128.07	128.88
Diluted Shares Outstanding	417,060,959.75	417,060,959.75	417,060,959.75	417,060,959.75	417,060,959.75	417,060,959.75	417,060,959.75	417,060,959.75	417,060,959.75	417,060,959.75

Discounting Periods

Metric	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34
Period Start	9/30/25	1/1/26	1/1/27	1/1/28	1/1/29	1/1/30	1/1/31	1/1/32	1/1/33	1/1/34
Period End	12/31/25	12/31/26	12/31/27	12/31/28	12/31/29	12/31/30	12/31/31	12/31/32	12/31/33	12/31/34
Mid-Point	11/15/25	7/2/26	7/2/27	7/1/28	7/2/29	7/2/30	7/2/31	7/1/32	7/2/33	7/2/34
Time (t)	0.10	0.45	1.45	2.46	3.46	4.46	5.46	6.46	7.46	8.46
Valuation Date	1/17/26

Base Case Projected Flows

WACC: 6.31%Terminal Growth: 2.78%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.92	0.86	0.81	0.76	0.72	0.67	0.63	0.60
PV UFCF	132.15	127.58	118.69	110.64	103.47	97.00	91.17	85.89	81.12	76.79	Raw: 3,725.20 2,923.31	Raw: 3,754.57 2,169.52

Base Case Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	3,515.84	3,194.02
(-) Net Debt	7.36	7.36
Equity Value	3,508.48	3,186.66
(/) Shares Out	417.06	417.06
Fair Value	$8.41	$7.64
(-) Safety Margin	85.25%	85.25%
Buy Price	$1.24	$1.13
Current Price	$2.90	$2.90
Upside (to Buy Price)	-57.21%	-61.14%

Conservative Projected Flows

WACC: 7.31%Terminal Growth: 2.28%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.90	0.84	0.78	0.73	0.68	0.63	0.59	0.55
PV UFCF	132.02	127.05	117.09	108.12	100.17	93.03	86.62	80.85	75.65	70.94	Raw: 2,601.20 1,966.97	Raw: 2,621.71 1,393.02

Conservative Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	2,551.42	2,384.56
(-) Net Debt	7.36	7.36
Equity Value	2,544.06	2,377.21
(/) Shares Out	417.06	417.06
Fair Value	$6.10	$5.70
(-) Safety Margin	85.25%	85.25%
Buy Price	$0.90	$0.84
Current Price	$2.90	$2.90
Upside (to Buy Price)	-68.97%	-71.01%

Aggressive Projected Flows

WACC: 5.31%Terminal Growth: 3.28%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.98	0.93	0.88	0.84	0.79	0.75	0.72	0.68	0.65
PV UFCF	132.27	128.13	120.33	113.24	106.90	101.18	96.00	91.30	87.04	83.18	Raw: 6,511.74 5,304.89	Raw: 6,563.09 4,127.50

Aggressive Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	5,905.76	5,187.07
(-) Net Debt	7.36	7.36
Equity Value	5,898.40	5,179.71
(/) Shares Out	417.06	417.06
Fair Value	$14.14	$12.42
(-) Safety Margin	85.25%	85.25%
Buy Price	$2.09	$1.83
Current Price	$2.90	$2.90
Upside (to Buy Price)	-28.07%	-36.83%

Reverse DCF: Market Implied Growth

Current Price$2.90

WACC Used6.3%

IMPLIED REVENUE GROWTH65.87%

Metric	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Implied Revenue	8,436.86	13,994.15	23,211.97	38,501.50	63,862.10	105,927.52	175,701.07	291,433.86	483,398.84	801,809.51
Constant Implied Growth	65.87%	65.87%	65.87%	65.87%	65.87%	65.87%	65.87%	65.87%	65.87%	65.87%
Implied Free Cash Flow	0.84	1.40	2.32	3.85	6.39	10.59	17.57	29.14	48.34	80.18
Discount Factor	0.95	0.86	0.81	0.76	0.72	0.67	0.63	0.60	0.56	0.53
Present Value of Implied FCF	0.80	1.20	1.88	2.93	4.57	7.13	11.13	17.36	27.09	42.27

Rolling Historical DCF (Backtest)

Valuation based on actual realized growth.

Year	Valuation Date	Actual Price	Realized Growth (5Y)	Calculated Fair Value	Valuation Delta
2019	2019-12-31	$4.12	0.12%	$2.82	-31.57%
2018	2018-12-31	$6.00	2.10%	$-38.44	-740.62%
2017	2017-12-31	$12.20	6.15%	$-17.22	-241.11%
2016	2016-12-31	$15.00	3.12%	$-0.55	-103.70%
2015	2015-12-31	$10.80	0.27%	$9.84	-8.92%
2014	2014-12-31	$10.80	-6.05%	$-1.39	-112.91%

Monte Carlo Simulation (1,000 Iterations)

Mean Fair Value
$8.37

Median
$7.57

10th Percentile
$5.74

90th Percentile
$11.68

Fair Value Distribution

$3.90 - $5.75	105
$5.75 - $7.61	403
$7.61 - $9.47	247
$9.47 - $11.32	135
$11.32 - $13.18	48
$13.18 - $15.04	32
$15.04 - $16.89	12
$16.89 - $18.75	6
$18.75 - $20.61	1
$20.61 - $22.46	2
$22.46 - $24.32	1
$24.32 - $26.18	3
$26.18 - $28.03	0
$28.03 - $29.89	0
$29.89 - $31.75	1
$31.75 - $33.60	0
$33.60 - $35.46	1
$35.46 - $37.32	1
$37.32 - $39.18	0
$39.18 - $41.03	2

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Full Access