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%

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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

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