DDM Analysis: RATCH-R.BK

Valuation Snapshot

Stable Growth	$24.26 - $37.74	$30.49
Multi-Stage	$57.51 - $63.27	$60.33
Blended Fair Value	$45.41
Current Price	$24.20
Upside	87.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.56%	1.60	1.60	1.70	1.60	1.60	1.60	1.60	1.60	1.51	1.51
YoY Growth	-	-	-0.01%	-5.88%	6.23%	0.00%	0.01%	0.02%	0.01%	5.71%	0.01%	0.00%
Dividend Yield	-	-	6.34%	5.71%	4.41%	3.83%	3.29%	2.96%	2.84%	3.23%	3.17%	3.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,576.80
(-) Cash Dividends Paid (M)	3,479.61
(=) Cash Retained (M)	2,097.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,115.36	697.10	418.26
Cash Retained (M)	2,097.20	2,097.20	2,097.20
(-) Cash Required (M)	-1,115.36	-697.10	-418.26
(=) Excess Retained (M)	981.84	1,400.10	1,678.94
(/) Shares Outstanding (M)	2,175.11	2,175.11	2,175.11
(=) Excess Retained per Share	0.45	0.64	0.77
LTM Dividend per Share	1.60	1.60	1.60
(+) Excess Retained per Share	0.45	0.64	0.77
(=) Adjusted Dividend	2.05	2.24	2.37
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$24.26	$30.49	$37.74
Upside / Downside	0.26%	25.99%	55.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,576.80	5,520.90	5,465.56	5,410.77	5,356.52	5,302.83	5,461.91
Payout Ratio	62.39%	67.92%	73.44%	78.96%	84.48%	90.00%	92.50%
Projected Dividends (M)	3,479.61	3,749.54	4,013.72	4,272.22	4,525.13	4,772.55	5,052.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,492.29	3,527.93	3,563.56
Year 2 PV (M)	3,481.86	3,553.28	3,625.43
Year 3 PV (M)	3,451.83	3,558.58	3,667.51
Year 4 PV (M)	3,405.33	3,546.47	3,691.95
Year 5 PV (M)	3,345.11	3,519.30	3,700.68
PV of Terminal Value (M)	107,905.04	113,524.05	119,374.74
Equity Value (M)	125,081.46	131,229.61	137,623.87
Shares Outstanding (M)	2,175.11	2,175.11	2,175.11
Fair Value	$57.51	$60.33	$63.27
Upside / Downside	137.63%	149.31%	161.46%

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Ratch Group Public Company Limited (RATCH-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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