DDM Analysis: MAKRO.BK

Valuation Snapshot

Stable Growth	$122.43 - $144.24	$135.17
Multi-Stage	$473.66 - $520.10	$496.45
Blended Fair Value	$315.81
Current Price	$36.00
Upside	777.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	4.37%	7.44%	0.49	0.45	0.43	0.43	0.43	0.40	0.36	0.37	0.29	0.39
YoY Growth	-	-	10.21%	4.17%	0.00%	0.00%	7.87%	9.88%	-1.22%	26.15%	-24.64%	60.47%
Dividend Yield	-	-	1.26%	1.13%	1.13%	1.31%	1.22%	0.88%	1.07%	1.08%	0.82%	1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,755.17
(-) Cash Dividends Paid (M)	1,904.46
(=) Cash Retained (M)	5,850.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,551.03	969.40	581.64
Cash Retained (M)	5,850.71	5,850.71	5,850.71
(-) Cash Required (M)	-1,551.03	-969.40	-581.64
(=) Excess Retained (M)	4,299.67	4,881.31	5,269.07
(/) Shares Outstanding (M)	10,692.59	10,692.59	10,692.59
(=) Excess Retained per Share	0.40	0.46	0.49
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.40	0.46	0.49
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	-27.92%	-27.92%	-27.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$122.43	$135.17	$144.24
Upside / Downside	240.08%	275.49%	300.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,755.17	8,259.25	8,796.10	9,367.85	9,976.76	10,625.25	10,944.01
Payout Ratio	24.56%	37.65%	50.73%	63.82%	76.91%	90.00%	92.50%
Projected Dividends (M)	1,904.46	3,109.26	4,462.65	5,978.83	7,673.27	9,562.72	10,123.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-27.92%	-27.92%	-27.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,272.96	4,313.46	4,353.96
Year 2 PV (M)	8,428.21	8,588.74	8,750.79
Year 3 PV (M)	15,517.82	15,963.28	16,417.18
Year 4 PV (M)	27,369.44	28,422.00	29,504.62
Year 5 PV (M)	46,874.69	49,138.76	51,489.47
PV of Terminal Value (M)	4,962,206.84	5,201,883.29	5,450,732.72
Equity Value (M)	5,064,669.96	5,308,309.52	5,561,248.74
Shares Outstanding (M)	10,692.59	10,692.59	10,692.59
Fair Value	$473.66	$496.45	$520.10
Upside / Downside	1,215.73%	1,279.02%	1,344.73%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 12 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
SO	The Southern Company	3.09%	$2.69	67.01%
CFR	Cullen/Frost Bankers, Inc.	3.08%	$3.94	39.68%
CMS	CMS Energy Corporation	3.08%	$2.17	62.27%
SJW	SJW Group	3.08%	$1.60	52.08%
SNV	Synovus Financial Corp.	3.08%	$1.54	27.05%
0HCT.L	Alliant Energy Corporation	3.07%	$1.99	62.84%
0M3L.L	Zions Bancorporation, National Association	3.07%	$1.79	31.01%
IVZ	Invesco Ltd.	3.07%	$0.83	35.83%
SWX	Southwest Gas Holdings, Inc.	3.07%	$2.46	38.44%
PEG	Public Service Enterprise Group Incorporated	3.06%	$2.48	59.65%
CASS	Cass Information Systems, Inc.	3.05%	$1.24	52.58%
CIVB	Civista Bancshares, Inc.	3.05%	$0.67	25.26%
TXN	Texas Instruments Incorporated	3.05%	$5.41	98.14%
CTRE	CareTrust REIT, Inc.	3.04%	$1.10	89.62%
UCB	United Community Banks, Inc.	3.04%	$0.95	36.76%
DRI	Darden Restaurants, Inc.	3.03%	$5.68	60.69%
HMN	Horace Mann Educators Corporation	3.02%	$1.36	34.55%
VG	Venture Global, Inc.	3.02%	$0.21	24.09%
HFBL	Home Federal Bancorp, Inc. of Louisiana	3.01%	$0.54	35.96%
TOWN	TowneBank	3.01%	$1.00	45.24%
GBCI	Glacier Bancorp, Inc.	3.00%	$1.34	64.06%
MBWM	Mercantile Bank Corporation	3.00%	$1.43	27.14%
PPL	PPL Corporation	3.00%	$1.05	71.70%
DTSQ	DT Cloud Star Acquisition Corporation	2.99%	$0.32	87.02%
EBMT	Eagle Bancorp Montana, Inc.	2.99%	$0.58	33.76%
INDB	Independent Bank Corp.	2.99%	$2.19	35.86%
ESSA	ESSA Bancorp, Inc.	2.98%	$0.61	39.75%
RDN	Radian Group Inc.	2.98%	$1.07	25.60%
0K0X.L	MetLife, Inc.	2.96%	$2.36	41.08%
CUBB	Customers Bancorp, Inc 5.375% S	2.96%	$0.66	12.54%
HBB	Hamilton Beach Brands Holding Company	2.96%	$0.47	20.02%
SD	SandRidge Energy, Inc.	2.96%	$0.44	24.38%
STRW	Strawberry Fields REIT LLC	2.95%	$0.38	70.76%
INGR	Ingredion Incorporated	2.94%	$3.23	32.02%
JWN	Nordstrom, Inc.	2.94%	$0.73	42.03%
PKBK	Parke Bancorp, Inc.	2.94%	$0.71	25.08%
0JW2.L	M&T Bank Corporation	2.93%	$5.91	33.38%
EIG	Employers Holdings, Inc.	2.93%	$1.26	48.48%
MYE	Myers Industries, Inc.	2.93%	$0.55	73.41%
RM	Regional Management Corp.	2.93%	$1.15	28.16%
HSY	The Hershey Company	2.92%	$5.33	79.75%
STZ	Constellation Brands, Inc.	2.92%	$4.12	59.24%
AROC	Archrock, Inc.	2.91%	$0.77	51.05%
JXN	Jackson Financial Inc.	2.91%	$3.13	38.19%
OSPN	OneSpan Inc.	2.91%	$0.36	23.87%
0LC6.L	Sysco Corporation	2.90%	$2.10	55.57%
EXE	Expand Energy Corporation	2.89%	$3.17	87.89%
PG	The Procter & Gamble Company	2.89%	$4.09	59.50%
RES	RPC, Inc.	2.89%	$0.16	72.96%
0M1R.L	Xcel Energy Inc.	2.88%	$2.16	65.69%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Siam Makro Public Company Limited (MAKRO.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener