DDM Analysis: INSET.BK

Valuation Snapshot

Stable Growth	$0.76 - $1.16	$0.95
Multi-Stage	$1.69 - $1.86	$1.78
Blended Fair Value	$1.36
Current Price	$1.48
Upside	-7.89%
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	-12.59%	0.00%	0.05	0.08	0.16	0.06	0.11	0.10	0.18	0.11	0.00	0.00
YoY Growth	-	-	-40.12%	-49.34%	195.28%	-47.06%	7.59%	-46.91%	68.54%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.43%	3.69%	5.28%	0.94%	2.71%	4.95%	7.53%	4.47%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69.76
(-) Cash Dividends Paid (M)	65.02
(=) Cash Retained (M)	4.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.95	8.72	5.23
Cash Retained (M)	4.74	4.74	4.74
(-) Cash Required (M)	-13.95	-8.72	-5.23
(=) Excess Retained (M)	-9.21	-3.98	-0.49
(/) Shares Outstanding (M)	812.77	812.77	812.77
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.76	$0.95	$1.16
Upside / Downside	-48.47%	-35.79%	-21.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.76	69.06	68.37	67.69	67.01	66.34	68.33
Payout Ratio	93.21%	92.56%	91.92%	91.28%	90.64%	90.00%	92.50%
Projected Dividends (M)	65.02	63.93	62.85	61.79	60.74	59.71	63.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	59.24	59.84	60.45
Year 2 PV (M)	53.97	55.08	56.19
Year 3 PV (M)	49.17	50.69	52.24
Year 4 PV (M)	44.79	46.64	48.56
Year 5 PV (M)	40.80	42.92	45.13
PV of Terminal Value (M)	1,129.51	1,188.33	1,249.57
Equity Value (M)	1,377.47	1,443.50	1,512.14
Shares Outstanding (M)	812.77	812.77	812.77
Fair Value	$1.69	$1.78	$1.86
Upside / Downside	14.51%	20.00%	25.71%

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Infraset Public Company Limited (INSET.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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