DDM Analysis: CPN-R.BK

Valuation Snapshot

Stable Growth	$364.99 - $733.36	$687.26
Multi-Stage	$114.50 - $125.26	$119.78
Blended Fair Value	$403.52
Current Price	$46.25
Upside	772.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.28%	12.55%	1.82	1.15	0.60	0.70	0.81	1.12	1.40	0.83	0.70	0.65
YoY Growth	-	-	57.84%	91.31%	-13.64%	-13.67%	-27.55%	-20.18%	68.67%	18.58%	7.69%	16.32%
Dividend Yield	-	-	3.88%	1.83%	0.88%	1.18%	1.39%	2.61%	1.87%	1.06%	1.23%	1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,551.23
(-) Cash Dividends Paid (M)	9,528.49
(=) Cash Retained (M)	7,022.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,310.25	2,068.90	1,241.34
Cash Retained (M)	7,022.74	7,022.74	7,022.74
(-) Cash Required (M)	-3,310.25	-2,068.90	-1,241.34
(=) Excess Retained (M)	3,712.50	4,953.84	5,781.40
(/) Shares Outstanding (M)	4,488.44	4,488.44	4,488.44
(=) Excess Retained per Share	0.83	1.10	1.29
LTM Dividend per Share	2.12	2.12	2.12
(+) Excess Retained per Share	0.83	1.10	1.29
(=) Adjusted Dividend	2.95	3.23	3.41
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$364.99	$687.26	$733.36
Upside / Downside	689.17%	1,385.97%	1,485.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,551.23	17,627.05	18,772.81	19,993.05	21,292.59	22,676.61	23,356.91
Payout Ratio	57.57%	64.06%	70.54%	77.03%	83.51%	90.00%	92.50%
Projected Dividends (M)	9,528.49	11,291.14	13,242.68	15,400.22	17,782.28	20,408.95	21,605.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,517.01	10,616.69	10,716.38
Year 2 PV (M)	11,489.06	11,707.90	11,928.80
Year 3 PV (M)	12,444.86	12,802.10	13,166.12
Year 4 PV (M)	13,384.59	13,899.32	14,428.76
Year 5 PV (M)	14,308.45	14,999.55	15,717.10
PV of Terminal Value (M)	451,788.48	473,610.04	496,266.75
Equity Value (M)	513,932.44	537,635.60	562,223.91
Shares Outstanding (M)	4,488.44	4,488.44	4,488.44
Fair Value	$114.50	$119.78	$125.26
Upside / Downside	147.57%	158.99%	170.83%

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Central Pattana Public Company Limited (CPN-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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