DDM Analysis: AEONTS-R.BK

Valuation Snapshot

Stable Growth	$145.61 - $243.94	$188.80
Multi-Stage	$265.97 - $292.60	$279.03
Blended Fair Value	$233.91
Current Price	$108.00
Upside	116.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.30%	4.89%	5.56	5.55	5.22	5.23	4.49	4.96	4.78	3.51	3.48	3.45
YoY Growth	-	-	0.25%	6.30%	-0.21%	16.51%	-9.56%	3.75%	36.27%	1.03%	0.68%	-0.02%
Dividend Yield	-	-	5.40%	3.74%	2.62%	2.74%	2.22%	3.57%	2.32%	2.22%	3.10%	3.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,077.42
(-) Cash Dividends Paid (M)	647.50
(=) Cash Retained (M)	2,429.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	615.48	384.68	230.81
Cash Retained (M)	2,429.92	2,429.92	2,429.92
(-) Cash Required (M)	-615.48	-384.68	-230.81
(=) Excess Retained (M)	1,814.44	2,045.24	2,199.12
(/) Shares Outstanding (M)	249.83	249.83	249.83
(=) Excess Retained per Share	7.26	8.19	8.80
LTM Dividend per Share	2.59	2.59	2.59
(+) Excess Retained per Share	7.26	8.19	8.80
(=) Adjusted Dividend	9.85	10.78	11.39
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-0.16%	0.84%	1.84%
Fair Value	$145.61	$188.80	$243.94
Upside / Downside	34.83%	74.82%	125.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,077.42	3,103.28	3,129.36	3,155.65	3,182.17	3,208.91	3,305.18
Payout Ratio	21.04%	34.83%	48.62%	62.42%	76.21%	90.00%	92.50%
Projected Dividends (M)	647.50	1,080.94	1,521.62	1,969.64	2,425.07	2,888.02	3,057.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-0.16%	0.84%	1.84%
Year 1 PV (M)	1,003.99	1,014.04	1,024.10
Year 2 PV (M)	1,312.68	1,339.11	1,365.80
Year 3 PV (M)	1,578.21	1,626.11	1,674.97
Year 4 PV (M)	1,804.81	1,878.21	1,953.83
Year 5 PV (M)	1,996.33	2,098.33	2,204.46
PV of Terminal Value (M)	58,752.37	61,754.22	64,877.54
Equity Value (M)	66,448.40	69,710.03	73,100.69
Shares Outstanding (M)	249.83	249.83	249.83
Fair Value	$265.97	$279.03	$292.60
Upside / Downside	146.27%	158.36%	170.92%

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AEON Thana Sinsap (Thailand) Public Company Limited (AEONTS-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener