DDM Analysis: JR.BK

Valuation Snapshot

Stable Growth	$1.02 - $1.58	$1.28
Multi-Stage	$2.31 - $2.54	$2.42
Blended Fair Value	$1.85
Current Price	$1.79
Upside	3.49%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.34%	0.00%	0.04	0.09	0.14	0.06	0.15	0.05	0.03	0.00	0.03	0.03
YoY Growth	-	-	-55.58%	-35.72%	133.34%	-59.14%	210.00%	61.73%	0.00%	-100.00%	15.22%	0.00%
Dividend Yield	-	-	2.66%	2.04%	2.10%	0.76%	1.76%	0.86%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.52
(-) Cash Dividends Paid (M)	30.35
(=) Cash Retained (M)	53.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.70	10.44	6.26
Cash Retained (M)	53.17	53.17	53.17
(-) Cash Required (M)	-16.70	-10.44	-6.26
(=) Excess Retained (M)	36.46	42.73	46.90
(/) Shares Outstanding (M)	761.83	761.83	761.83
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.02	$1.28	$1.58
Upside / Downside	-42.97%	-28.50%	-11.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.52	82.69	81.86	81.04	80.23	79.43	81.81
Payout Ratio	36.34%	47.07%	57.81%	68.54%	79.27%	90.00%	92.50%
Projected Dividends (M)	30.35	38.92	47.32	55.54	63.60	71.49	75.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	36.21	36.58	36.95
Year 2 PV (M)	40.94	41.78	42.63
Year 3 PV (M)	44.70	46.09	47.50
Year 4 PV (M)	47.61	49.58	51.62
Year 5 PV (M)	49.78	52.37	55.07
PV of Terminal Value (M)	1,540.78	1,621.01	1,704.56
Equity Value (M)	1,760.03	1,847.42	1,938.32
Shares Outstanding (M)	761.83	761.83	761.83
Fair Value	$2.31	$2.42	$2.54
Upside / Downside	29.07%	35.47%	42.14%

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J.R.W. Utility Public Company Limited (JR.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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