DDM Analysis: CNT.BK

Valuation Snapshot

Stable Growth	$0.45 - $0.64	$0.54
Multi-Stage	$1.28 - $1.41	$1.35
Blended Fair Value	$0.95
Current Price	$1.11
Upside	-14.86%
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	0.00%	0.00%	0.00	0.00	0.00	0.05	0.04	0.00	0.05	0.11	0.05	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	25.00%	0.00%	-100.00%	-55.18%	123.61%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	2.82%	2.41%	0.00%	2.44%	4.20%	1.16%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.82
(-) Cash Dividends Paid (M)	41.12
(=) Cash Retained (M)	31.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.56	9.10	5.46
Cash Retained (M)	31.70	31.70	31.70
(-) Cash Required (M)	-14.56	-9.10	-5.46
(=) Excess Retained (M)	17.14	22.60	26.24
(/) Shares Outstanding (M)	1,027.90	1,027.90	1,027.90
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-5.46%	-4.46%	-3.46%
Fair Value	$0.45	$0.54	$0.64
Upside / Downside	-59.37%	-50.97%	-42.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.82	69.57	66.46	63.50	60.67	57.96	59.70
Payout Ratio	56.47%	63.17%	69.88%	76.59%	83.29%	90.00%	92.50%
Projected Dividends (M)	41.12	43.95	46.45	48.63	50.53	52.16	55.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-5.46%	-4.46%	-3.46%
Year 1 PV (M)	40.86	41.30	41.73
Year 2 PV (M)	40.16	41.01	41.87
Year 3 PV (M)	39.10	40.35	41.63
Year 4 PV (M)	37.77	39.40	41.07
Year 5 PV (M)	36.26	38.22	40.26
PV of Terminal Value (M)	1,122.43	1,183.07	1,246.29
Equity Value (M)	1,316.59	1,383.34	1,452.86
Shares Outstanding (M)	1,027.90	1,027.90	1,027.90
Fair Value	$1.28	$1.35	$1.41
Upside / Downside	15.39%	21.24%	27.34%

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Christiani & Nielsen (Thai) Public Company Limited (CNT.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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