DDM Analysis: MTI.BK

Valuation Snapshot

Stable Growth	$182.25 - $641.75	$601.41
Multi-Stage	$82.85 - $90.61	$86.65
Blended Fair Value	$344.03
Current Price	$17.80
Upside	1,832.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.13%	-0.47%	0.91	1.12	0.95	0.82	0.53	0.51	0.78	0.78	1.15	1.05
YoY Growth	-	-	-19.11%	18.85%	15.30%	55.52%	2.84%	-34.42%	0.00%	-31.75%	8.62%	10.69%
Dividend Yield	-	-	8.57%	10.26%	8.37%	7.16%	6.28%	7.43%	8.54%	5.95%	8.71%	7.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,047.12
(-) Cash Dividends Paid (M)	471.92
(=) Cash Retained (M)	575.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	209.42	130.89	78.53
Cash Retained (M)	575.21	575.21	575.21
(-) Cash Required (M)	-209.42	-130.89	-78.53
(=) Excess Retained (M)	365.78	444.32	496.67
(/) Shares Outstanding (M)	324.50	324.50	324.50
(=) Excess Retained per Share	1.13	1.37	1.53
LTM Dividend per Share	1.45	1.45	1.45
(+) Excess Retained per Share	1.13	1.37	1.53
(=) Adjusted Dividend	2.58	2.82	2.98
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$182.25	$601.41	$641.75
Upside / Downside	923.88%	3,278.71%	3,505.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,047.12	1,115.19	1,187.67	1,264.87	1,347.09	1,434.65	1,477.69
Payout Ratio	45.07%	54.05%	63.04%	72.03%	81.01%	90.00%	92.50%
Projected Dividends (M)	471.92	602.81	748.72	911.05	1,091.32	1,291.18	1,366.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	558.11	563.40	568.69
Year 2 PV (M)	641.80	654.03	666.37
Year 3 PV (M)	723.05	743.81	764.96
Year 4 PV (M)	801.90	832.74	864.46
Year 5 PV (M)	878.41	920.84	964.89
PV of Terminal Value (M)	23,280.24	24,404.68	25,572.16
Equity Value (M)	26,883.52	28,119.50	29,401.53
Shares Outstanding (M)	324.50	324.50	324.50
Fair Value	$82.85	$86.65	$90.61
Upside / Downside	365.43%	386.82%	409.02%

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Muang Thai Insurance Public Company Limited (MTI.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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