DDM Analysis: FORTH.BK

Valuation Snapshot

Stable Growth	$9.50 - $17.51	$12.80
Multi-Stage	$12.86 - $14.13	$13.48
Blended Fair Value	$13.14
Current Price	$9.10
Upside	44.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.00%	1.85%	0.37	0.62	0.45	0.35	0.42	0.43	0.51	0.35	0.35	0.31
YoY Growth	-	-	-40.29%	37.77%	28.53%	-16.62%	-2.59%	-16.03%	47.06%	0.00%	13.33%	0.00%
Dividend Yield	-	-	5.61%	3.76%	1.41%	1.11%	5.71%	8.37%	8.41%	5.25%	4.99%	4.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	606.77
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	606.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	121.35	75.85	45.51
Cash Retained (M)	606.77	606.77	606.77
(-) Cash Required (M)	-121.35	-75.85	-45.51
(=) Excess Retained (M)	485.42	530.92	561.26
(/) Shares Outstanding (M)	935.37	935.37	935.37
(=) Excess Retained per Share	0.52	0.57	0.60
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.52	0.57	0.60
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	1.60%	2.60%	3.60%
Fair Value	$9.50	$12.80	$17.51
Upside / Downside	4.39%	40.64%	92.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	606.77	622.54	638.72	655.32	672.36	689.83	710.53
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	112.06	229.94	353.88	484.10	620.85	657.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	1.60%	2.60%	3.60%
Year 1 PV (M)	103.56	104.58	105.60
Year 2 PV (M)	196.39	200.28	204.20
Year 3 PV (M)	279.33	287.66	296.15
Year 4 PV (M)	353.15	367.26	381.79
Year 5 PV (M)	418.57	439.58	461.42
PV of Terminal Value (M)	10,678.06	11,214.01	11,771.26
Equity Value (M)	12,029.06	12,613.36	13,220.42
Shares Outstanding (M)	935.37	935.37	935.37
Fair Value	$12.86	$13.48	$14.13
Upside / Downside	41.32%	48.18%	55.32%

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Forth Corporation Public Company Limited (FORTH.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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