DDM Analysis: SPVI.BK

Valuation Snapshot

Stable Growth	$19.21 - $42.18	$39.53
Multi-Stage	$6.35 - $6.95	$6.64
Blended Fair Value	$23.09
Current Price	$2.34
Upside	886.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.29%	24.43%	0.14	0.17	0.17	0.11	0.10	0.06	0.04	0.01	0.02	0.02
YoY Growth	-	-	-17.12%	0.03%	59.01%	9.99%	66.59%	50.16%	233.52%	-39.97%	0.30%	22.10%
Dividend Yield	-	-	10.58%	5.72%	3.36%	1.69%	1.77%	3.97%	3.03%	0.88%	2.66%	2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.84
(-) Cash Dividends Paid (M)	31.96
(=) Cash Retained (M)	52.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.97	10.61	6.36
Cash Retained (M)	52.88	52.88	52.88
(-) Cash Required (M)	-16.97	-10.61	-6.36
(=) Excess Retained (M)	35.91	42.28	46.52
(/) Shares Outstanding (M)	400.00	400.00	400.00
(=) Excess Retained per Share	0.09	0.11	0.12
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.09	0.11	0.12
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.21	$39.53	$42.18
Upside / Downside	720.83%	1,589.36%	1,702.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.84	90.36	96.23	102.48	109.15	116.24	119.73
Payout Ratio	37.67%	48.14%	58.60%	69.07%	79.53%	90.00%	92.50%
Projected Dividends (M)	31.96	43.49	56.39	70.78	86.81	104.62	110.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40.48	40.87	41.25
Year 2 PV (M)	48.85	49.78	50.72
Year 3 PV (M)	57.07	58.71	60.38
Year 4 PV (M)	65.15	67.65	70.23
Year 5 PV (M)	73.07	76.60	80.27
PV of Terminal Value (M)	2,253.93	2,362.79	2,475.82
Equity Value (M)	2,538.55	2,656.40	2,778.67
Shares Outstanding (M)	400.00	400.00	400.00
Fair Value	$6.35	$6.64	$6.95
Upside / Downside	171.21%	183.80%	196.87%

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S P V I Public Company Limited (SPVI.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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