DDM Analysis: TIPCO.BK

Valuation Snapshot

Stable Growth	$4.95 - $7.60	$6.18
Multi-Stage	$10.81 - $11.90	$11.34
Blended Fair Value	$8.76
Current Price	$8.40
Upside	4.33%
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	5.15%	40.98%	0.64	0.82	0.78	0.89	0.35	0.50	0.51	0.41	0.48	0.00
YoY Growth	-	-	-22.22%	5.20%	-12.50%	151.44%	-28.57%	-2.00%	22.08%	-14.34%	0.00%	-100.00%
Dividend Yield	-	-	6.79%	7.96%	7.96%	9.05%	3.28%	11.23%	6.53%	3.17%	3.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	258.68
(-) Cash Dividends Paid (M)	86.86
(=) Cash Retained (M)	171.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.74	32.34	19.40
Cash Retained (M)	171.82	171.82	171.82
(-) Cash Required (M)	-51.74	-32.34	-19.40
(=) Excess Retained (M)	120.08	139.48	152.42
(/) Shares Outstanding (M)	476.59	476.59	476.59
(=) Excess Retained per Share	0.25	0.29	0.32
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.25	0.29	0.32
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.95	$6.18	$7.60
Upside / Downside	-41.13%	-26.40%	-9.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	258.68	256.10	253.54	251.00	248.49	246.01	253.39
Payout Ratio	33.58%	44.86%	56.15%	67.43%	78.72%	90.00%	92.50%
Projected Dividends (M)	86.86	114.89	142.35	169.25	195.60	221.41	234.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	106.69	107.78	108.86
Year 2 PV (M)	122.74	125.26	127.80
Year 3 PV (M)	135.51	139.70	143.98
Year 4 PV (M)	145.42	151.45	157.66
Year 5 PV (M)	152.85	160.80	169.09
PV of Terminal Value (M)	4,488.05	4,721.75	4,965.09
Equity Value (M)	5,151.25	5,406.74	5,672.49
Shares Outstanding (M)	476.59	476.59	476.59
Fair Value	$10.81	$11.34	$11.90
Upside / Downside	28.67%	35.06%	41.69%

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Tipco Foods Public Company Limited (TIPCO.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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