DDM Analysis: BAY-R.BK

Valuation Snapshot

Stable Growth	$52.95 - $90.92	$69.36
Multi-Stage	$83.52 - $91.78	$87.57
Blended Fair Value	$78.46
Current Price	$23.50
Upside	233.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.19%	2.65%	0.86	0.86	0.86	0.75	0.45	0.85	0.87	0.86	0.81	0.84
YoY Growth	-	-	0.04%	-0.03%	14.40%	66.67%	-47.06%	-1.80%	0.52%	6.16%	-3.32%	27.00%
Dividend Yield	-	-	3.78%	3.18%	2.96%	2.13%	1.20%	4.47%	2.32%	2.14%	2.11%	2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,887.75
(-) Cash Dividends Paid (M)	6,365.48
(=) Cash Retained (M)	24,522.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,177.55	3,860.97	2,316.58
Cash Retained (M)	24,522.27	24,522.27	24,522.27
(-) Cash Required (M)	-6,177.55	-3,860.97	-2,316.58
(=) Excess Retained (M)	18,344.72	20,661.30	22,205.69
(/) Shares Outstanding (M)	7,355.76	7,355.76	7,355.76
(=) Excess Retained per Share	2.49	2.81	3.02
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	2.49	2.81	3.02
(=) Adjusted Dividend	3.36	3.67	3.88
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.65%	1.65%	2.65%
Fair Value	$52.95	$69.36	$90.92
Upside / Downside	125.33%	195.13%	286.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,887.75	31,397.23	31,915.11	32,441.53	32,976.64	33,520.57	34,526.18
Payout Ratio	20.61%	34.49%	48.37%	62.24%	76.12%	90.00%	92.50%
Projected Dividends (M)	6,365.48	10,827.88	15,435.76	20,192.70	25,102.37	30,168.51	31,936.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.65%	1.65%	2.65%
Year 1 PV (M)	10,016.73	10,116.25	10,215.77
Year 2 PV (M)	13,209.70	13,473.50	13,739.90
Year 3 PV (M)	15,986.08	16,467.32	16,958.12
Year 4 PV (M)	18,384.21	19,125.79	19,889.59
Year 5 PV (M)	20,439.33	21,475.08	22,552.40
PV of Terminal Value (M)	536,305.65	563,482.60	591,750.29
Equity Value (M)	614,341.71	644,140.54	675,106.07
Shares Outstanding (M)	7,355.76	7,355.76	7,355.76
Fair Value	$83.52	$87.57	$91.78
Upside / Downside	255.40%	272.64%	290.55%

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Bank of Ayudhya Public Company Limited (BAY-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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