DDM Analysis: METCO.BK

Valuation Snapshot

Stable Growth	$521.82 - $821.98	$659.30
Multi-Stage	$1,046.73 - $1,152.87	$1,098.76
Blended Fair Value	$879.03
Current Price	$221.00
Upside	297.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-4.36%	-1.17%	8.00	10.00	18.00	14.00	10.00	10.00	13.00	8.00	14.00	18.00
YoY Growth	-	-	-20.00%	-44.44%	28.57%	40.00%	0.00%	-23.08%	62.50%	-42.86%	-22.22%	100.00%
Dividend Yield	-	-	3.62%	5.76%	7.44%	4.95%	3.76%	5.00%	7.47%	3.96%	6.03%	7.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,099.94
(-) Cash Dividends Paid (M)	167.19
(=) Cash Retained (M)	932.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	219.99	137.49	82.50
Cash Retained (M)	932.75	932.75	932.75
(-) Cash Required (M)	-219.99	-137.49	-82.50
(=) Excess Retained (M)	712.76	795.26	850.26
(/) Shares Outstanding (M)	20.90	20.90	20.90
(=) Excess Retained per Share	34.11	38.05	40.68
LTM Dividend per Share	8.00	8.00	8.00
(+) Excess Retained per Share	34.11	38.05	40.68
(=) Adjusted Dividend	42.11	46.05	48.68
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-1.29%	-0.29%	0.71%
Fair Value	$521.82	$659.30	$821.98
Upside / Downside	136.12%	198.32%	271.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,099.94	1,096.75	1,093.58	1,090.41	1,087.26	1,084.11	1,116.63
Payout Ratio	15.20%	30.16%	45.12%	60.08%	75.04%	90.00%	92.50%
Projected Dividends (M)	167.19	330.78	493.42	655.12	815.88	975.70	1,032.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-1.29%	-0.29%	0.71%
Year 1 PV (M)	306.97	310.08	313.19
Year 2 PV (M)	424.94	433.60	442.34
Year 3 PV (M)	523.59	539.67	556.07
Year 4 PV (M)	605.14	630.04	655.69
Year 5 PV (M)	671.59	706.31	742.44
PV of Terminal Value (M)	19,343.28	20,343.14	21,383.91
Equity Value (M)	21,875.52	22,962.82	24,093.64
Shares Outstanding (M)	20.90	20.90	20.90
Fair Value	$1,046.73	$1,098.76	$1,152.87
Upside / Downside	373.64%	397.18%	421.66%

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Muramoto Electron (Thailand) Public Company Limited (METCO.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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