DDM Analysis: ACE-R.BK

Valuation Snapshot

Stable Growth	$0.95 - $1.56	$1.22
Multi-Stage	$1.32 - $1.45	$1.38
Blended Fair Value	$1.30
Current Price	$1.31
Upside	-0.58%
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	0.02	0.02	0.03	0.00	0.00	0.05	0.00	0.00
YoY Growth	-	-	-100.00%	-100.00%	11.00%	-39.94%	0.00%	0.00%	-100.00%	0.00%	-100.00%	-95.77%
Dividend Yield	-	-	0.00%	0.00%	0.89%	0.75%	1.25%	0.00%	0.00%	1.95%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	839.07
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	839.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	167.81	104.88	62.93
Cash Retained (M)	839.07	839.07	839.07
(-) Cash Required (M)	-167.81	-104.88	-62.93
(=) Excess Retained (M)	671.25	734.18	776.14
(/) Shares Outstanding (M)	9,994.34	9,994.34	9,994.34
(=) Excess Retained per Share	0.07	0.07	0.08
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.07	0.07	0.08
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	0.85%	1.85%	2.85%
Fair Value	$0.95	$1.22	$1.56
Upside / Downside	-27.44%	-6.76%	18.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	839.07	854.61	870.44	886.56	902.97	919.70	947.29
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	153.83	313.36	478.74	650.14	827.73	876.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	0.85%	1.85%	2.85%
Year 1 PV (M)	141.07	142.47	143.86
Year 2 PV (M)	263.51	268.76	274.07
Year 3 PV (M)	369.18	380.28	391.59
Year 4 PV (M)	459.76	478.27	497.33
Year 5 PV (M)	536.77	563.92	592.15
PV of Terminal Value (M)	11,415.56	11,992.85	12,593.27
Equity Value (M)	13,185.86	13,826.54	14,492.27
Shares Outstanding (M)	9,994.34	9,994.34	9,994.34
Fair Value	$1.32	$1.38	$1.45
Upside / Downside	0.71%	5.61%	10.69%

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Absolute Clean Energy Public Company Limited (ACE-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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