DDM Analysis: PTT-R.BK

Valuation Snapshot

Stable Growth	$30.34 - $50.58	$39.26
Multi-Stage	$57.74 - $63.36	$60.50
Blended Fair Value	$49.88
Current Price	$33.25
Upside	50.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.22%	1.82%	2.89	2.19	3.02	2.75	1.81	2.86	2.99	2.59	1.57	1.54
YoY Growth	-	-	31.85%	-27.41%	9.50%	52.00%	-36.54%	-4.33%	15.17%	65.58%	1.78%	-36.20%
Dividend Yield	-	-	9.02%	6.49%	9.58%	7.16%	4.42%	9.29%	6.22%	4.70%	4.05%	5.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73,943.25
(-) Cash Dividends Paid (M)	58,113.74
(=) Cash Retained (M)	15,829.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,788.65	9,242.91	5,545.74
Cash Retained (M)	15,829.51	15,829.51	15,829.51
(-) Cash Required (M)	-14,788.65	-9,242.91	-5,545.74
(=) Excess Retained (M)	1,040.86	6,586.60	10,283.77
(/) Shares Outstanding (M)	28,482.47	28,482.47	28,482.47
(=) Excess Retained per Share	0.04	0.23	0.36
LTM Dividend per Share	2.04	2.04	2.04
(+) Excess Retained per Share	0.04	0.23	0.36
(=) Adjusted Dividend	2.08	2.27	2.40
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	-0.18%	0.82%	1.82%
Fair Value	$30.34	$39.26	$50.58
Upside / Downside	-8.76%	18.07%	52.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73,943.25	74,548.26	75,158.23	75,773.19	76,393.18	77,018.25	79,328.79
Payout Ratio	78.59%	80.87%	83.16%	85.44%	87.72%	90.00%	92.50%
Projected Dividends (M)	58,113.74	60,290.07	62,498.14	64,738.30	67,010.93	69,316.42	73,379.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	-0.18%	0.82%	1.82%
Year 1 PV (M)	55,969.13	56,529.84	57,090.55
Year 2 PV (M)	53,860.76	54,945.35	56,040.74
Year 3 PV (M)	51,792.80	53,365.06	54,968.83
Year 4 PV (M)	49,768.73	51,793.27	53,878.96
Year 5 PV (M)	47,791.40	50,233.77	52,774.99
PV of Terminal Value (M)	1,385,423.14	1,456,224.92	1,529,892.21
Equity Value (M)	1,644,605.96	1,723,092.21	1,804,646.27
Shares Outstanding (M)	28,482.47	28,482.47	28,482.47
Fair Value	$57.74	$60.50	$63.36
Upside / Downside	73.66%	81.94%	90.56%

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PTT Public Company Limited (PTT-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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