DDM Analysis: SAMART.BK

Valuation Snapshot

Stable Growth	$2.23 - $3.02	$2.63
Multi-Stage	$6.25 - $6.92	$6.58
Blended Fair Value	$4.60
Current Price	$6.05
Upside	-23.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.16	0.02	0.00	0.15	0.10	0.10	0.08	0.31	0.73
YoY Growth	-	-	-100.00%	682.68%	0.00%	-100.00%	50.00%	0.00%	25.00%	-74.19%	-57.53%	-16.09%
Dividend Yield	-	-	0.00%	2.32%	0.49%	0.00%	1.70%	2.21%	1.30%	0.91%	2.04%	4.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	473.10
(-) Cash Dividends Paid (M)	100.63
(=) Cash Retained (M)	372.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	94.62	59.14	35.48
Cash Retained (M)	372.47	372.47	372.47
(-) Cash Required (M)	-94.62	-59.14	-35.48
(=) Excess Retained (M)	277.85	313.33	336.99
(/) Shares Outstanding (M)	1,006.50	1,006.50	1,006.50
(=) Excess Retained per Share	0.28	0.31	0.33
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.28	0.31	0.33
(=) Adjusted Dividend	0.38	0.41	0.43
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-8.61%	-7.61%	-6.61%
Fair Value	$2.23	$2.63	$3.02
Upside / Downside	-63.19%	-56.48%	-50.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	473.10	437.11	403.86	373.14	344.76	318.53	328.09
Payout Ratio	21.27%	35.02%	48.76%	62.51%	76.25%	90.00%	92.50%
Projected Dividends (M)	100.63	153.06	196.93	233.24	262.89	286.68	303.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-8.61%	-7.61%	-6.61%
Year 1 PV (M)	141.73	143.28	144.83
Year 2 PV (M)	168.86	172.57	176.33
Year 3 PV (M)	185.19	191.33	197.61
Year 4 PV (M)	193.28	201.88	210.76
Year 5 PV (M)	195.16	206.08	217.47
PV of Terminal Value (M)	5,401.52	5,703.57	6,018.98
Equity Value (M)	6,285.74	6,618.71	6,965.99
Shares Outstanding (M)	1,006.50	1,006.50	1,006.50
Fair Value	$6.25	$6.58	$6.92
Upside / Downside	3.23%	8.69%	14.40%

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Samart Corporation Public Company Limited (SAMART.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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