DDM Analysis: BPP-R.BK

Valuation Snapshot

Stable Growth	$64.97 - $127.93	$119.89
Multi-Stage	$20.43 - $22.33	$21.37
Blended Fair Value	$70.63
Current Price	$8.15
Upside	766.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.47%	1.23%	0.70	0.70	0.75	0.65	0.60	0.65	0.60	0.55	0.53	2.21
YoY Growth	-	-	0.00%	-6.67%	15.38%	8.30%	-7.76%	8.34%	9.24%	4.33%	-76.14%	256.53%
Dividend Yield	-	-	10.00%	4.73%	4.69%	3.92%	2.99%	5.42%	2.63%	2.26%	2.11%	10.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,960.51
(-) Cash Dividends Paid (M)	1,676.25
(=) Cash Retained (M)	284.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	392.10	245.06	147.04
Cash Retained (M)	284.26	284.26	284.26
(-) Cash Required (M)	-392.10	-245.06	-147.04
(=) Excess Retained (M)	-107.84	39.20	137.22
(/) Shares Outstanding (M)	3,047.73	3,047.73	3,047.73
(=) Excess Retained per Share	-0.04	0.01	0.05
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	-0.04	0.01	0.05
(=) Adjusted Dividend	0.51	0.56	0.60
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$64.97	$119.89	$127.93
Upside / Downside	697.24%	1,371.03%	1,469.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,960.51	2,087.94	2,223.65	2,368.19	2,522.12	2,686.06	2,766.64
Payout Ratio	85.50%	86.40%	87.30%	88.20%	89.10%	90.00%	92.50%
Projected Dividends (M)	1,676.25	1,803.99	1,941.26	2,088.75	2,247.22	2,417.46	2,559.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,680.58	1,696.51	1,712.44
Year 2 PV (M)	1,684.74	1,716.83	1,749.22
Year 3 PV (M)	1,688.73	1,737.20	1,786.60
Year 4 PV (M)	1,692.55	1,757.64	1,824.59
Year 5 PV (M)	1,696.21	1,778.14	1,863.20
PV of Terminal Value (M)	53,832.56	56,432.69	59,132.34
Equity Value (M)	62,275.36	65,119.01	68,068.39
Shares Outstanding (M)	3,047.73	3,047.73	3,047.73
Fair Value	$20.43	$21.37	$22.33
Upside / Downside	150.72%	162.16%	174.04%

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Banpu Power Public Company Limited (BPP-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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