DDM Analysis: PRINC.BK

Valuation Snapshot

Stable Growth	$0.65 - $0.98	$0.80
Multi-Stage	$1.31 - $1.44	$1.38
Blended Fair Value	$1.09
Current Price	$1.93
Upside	-43.49%
Decision	Don't 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%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	-100.00%	1,533.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.00%	0.13%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	281.30
(-) Cash Dividends Paid (M)	36.61
(=) Cash Retained (M)	244.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.26	35.16	21.10
Cash Retained (M)	244.69	244.69	244.69
(-) Cash Required (M)	-56.26	-35.16	-21.10
(=) Excess Retained (M)	188.43	209.53	223.59
(/) Shares Outstanding (M)	3,808.57	3,808.57	3,808.57
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.65	$0.80	$0.98
Upside / Downside	-66.49%	-58.32%	-49.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.30	278.49	275.70	272.94	270.21	267.51	275.54
Payout Ratio	13.01%	28.41%	43.81%	59.21%	74.60%	90.00%	92.50%
Projected Dividends (M)	36.61	79.12	120.78	161.60	201.59	240.76	254.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	73.23	73.98	74.72
Year 2 PV (M)	103.46	105.58	107.73
Year 3 PV (M)	128.12	132.08	136.13
Year 4 PV (M)	147.92	154.06	160.37
Year 5 PV (M)	163.52	172.03	180.90
PV of Terminal Value (M)	4,377.96	4,605.93	4,843.30
Equity Value (M)	4,994.21	5,243.65	5,503.14
Shares Outstanding (M)	3,808.57	3,808.57	3,808.57
Fair Value	$1.31	$1.38	$1.44
Upside / Downside	-32.06%	-28.66%	-25.13%

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Principal Capital Public Company Limited (PRINC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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