DDM Analysis: S11.BK

Valuation Snapshot

Stable Growth	$4.90 - $7.40	$6.08
Multi-Stage	$9.74 - $10.73	$10.23
Blended Fair Value	$8.15
Current Price	$2.96
Upside	175.43%
Decision	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	0.10	0.26	0.25	0.38	0.39	0.33	0.34	0.38	0.17
YoY Growth	-	-	-100.00%	-61.54%	4.00%	-34.21%	-2.56%	18.18%	-2.94%	-10.53%	123.64%	0.00%
Dividend Yield	-	-	0.00%	3.55%	5.19%	4.07%	5.08%	8.48%	4.50%	4.51%	4.36%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	345.70
(-) Cash Dividends Paid (M)	61.30
(=) Cash Retained (M)	284.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.14	43.21	25.93
Cash Retained (M)	284.40	284.40	284.40
(-) Cash Required (M)	-69.14	-43.21	-25.93
(=) Excess Retained (M)	215.26	241.19	258.47
(/) Shares Outstanding (M)	607.73	607.73	607.73
(=) Excess Retained per Share	0.35	0.40	0.43
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.35	0.40	0.43
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.90	$6.08	$7.40
Upside / Downside	65.41%	105.31%	150.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	345.70	342.25	338.82	335.43	332.08	328.76	338.62
Payout Ratio	17.73%	32.19%	46.64%	61.09%	75.55%	90.00%	92.50%
Projected Dividends (M)	61.30	110.15	158.02	204.93	250.87	295.88	313.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	101.80	102.84	103.88
Year 2 PV (M)	134.98	137.74	140.54
Year 3 PV (M)	161.77	166.77	171.88
Year 4 PV (M)	183.03	190.62	198.44
Year 5 PV (M)	199.51	209.89	220.71
PV of Terminal Value (M)	5,140.45	5,408.13	5,686.84
Equity Value (M)	5,921.54	6,216.00	6,522.29
Shares Outstanding (M)	607.73	607.73	607.73
Fair Value	$9.74	$10.23	$10.73
Upside / Downside	229.18%	245.55%	262.58%

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S 11 Group Public Company Limited (S11.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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