DDM Analysis: DITTO-R.BK

Valuation Snapshot

Stable Growth	$49.93 - $155.88	$146.08
Multi-Stage	$20.85 - $22.82	$21.82
Blended Fair Value	$83.95
Current Price	$9.50
Upside	783.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.25	0.01	0.01	0.12	0.09	0.00	0.06	0.05	0.10	0.00
YoY Growth	-	-	2,856.51%	20.02%	-93.89%	28.19%	0.00%	-100.00%	21.29%	-47.12%	0.00%	0.00%
Dividend Yield	-	-	2.30%	0.04%	0.02%	0.22%	1.73%	0.00%	0.00%	0.00%	1.94%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	542.96
(-) Cash Dividends Paid (M)	173.42
(=) Cash Retained (M)	369.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.59	67.87	40.72
Cash Retained (M)	369.54	369.54	369.54
(-) Cash Required (M)	-108.59	-67.87	-40.72
(=) Excess Retained (M)	260.95	301.67	328.82
(/) Shares Outstanding (M)	692.73	692.73	692.73
(=) Excess Retained per Share	0.38	0.44	0.47
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.38	0.44	0.47
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.93	$146.08	$155.88
Upside / Downside	425.57%	1,437.67%	1,540.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	542.96	578.25	615.84	655.86	698.50	743.90	766.22
Payout Ratio	31.94%	43.55%	55.16%	66.78%	78.39%	90.00%	92.50%
Projected Dividends (M)	173.42	251.84	339.72	437.96	547.54	669.51	708.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	233.53	235.75	237.96
Year 2 PV (M)	292.13	297.70	303.31
Year 3 PV (M)	349.24	359.27	369.48
Year 4 PV (M)	404.89	420.46	436.47
Year 5 PV (M)	459.10	481.28	504.30
PV of Terminal Value (M)	12,706.44	13,320.16	13,957.38
Equity Value (M)	14,445.33	15,114.60	15,808.90
Shares Outstanding (M)	692.73	692.73	692.73
Fair Value	$20.85	$21.82	$22.82
Upside / Downside	119.50%	129.67%	140.22%

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Ditto (Thailand) Public Company Limited (DITTO-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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