DDM Analysis: NDR.BK

Valuation Snapshot

Stable Growth	$0.11 - $0.17	$0.14
Multi-Stage	$0.16 - $0.18	$0.17
Blended Fair Value	$0.15
Current Price	$1.23
Upside	-87.50%
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	12.58%	-10.99%	0.04	0.02	0.02	0.03	0.00	0.02	0.00	0.05	0.03	0.04
YoY Growth	-	-	149.95%	-33.35%	-34.22%	0.00%	-100.00%	1,428.96%	-96.99%	59.03%	-24.52%	-68.74%
Dividend Yield	-	-	2.96%	0.74%	1.08%	1.05%	0.00%	2.33%	0.07%	1.52%	0.70%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6.13
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	6.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.23	0.77	0.46
Cash Retained (M)	6.13	6.13	6.13
(-) Cash Required (M)	-1.23	-0.77	-0.46
(=) Excess Retained (M)	4.90	5.36	5.67
(/) Shares Outstanding (M)	456.89	456.89	456.89
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.01	0.01	0.01
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	-0.45%	0.55%	1.55%
Fair Value	$0.11	$0.14	$0.17
Upside / Downside	-90.84%	-88.69%	-86.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6.13	6.16	6.20	6.23	6.26	6.30	6.49
Payout Ratio	0.03%	18.02%	36.02%	54.01%	72.01%	90.00%	92.50%
Projected Dividends (M)	0.00	1.11	2.23	3.36	4.51	5.67	6.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	-0.45%	0.55%	1.55%
Year 1 PV (M)	1.01	1.02	1.03
Year 2 PV (M)	1.84	1.88	1.91
Year 3 PV (M)	2.52	2.60	2.67
Year 4 PV (M)	3.07	3.19	3.32
Year 5 PV (M)	3.50	3.68	3.87
PV of Terminal Value (M)	61.40	64.54	67.82
Equity Value (M)	73.33	76.91	80.62
Shares Outstanding (M)	456.89	456.89	456.89
Fair Value	$0.16	$0.17	$0.18
Upside / Downside	-86.95%	-86.32%	-85.65%

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N.D. Rubber Public Company Limited (NDR.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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