DDM Analysis: SAUCE.BK

Valuation Snapshot

Stable Growth	$38.32 - $82.83	$54.77
Multi-Stage	$56.26 - $61.66	$58.91
Blended Fair Value	$56.84
Current Price	$37.75
Upside	50.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.68%	2.45%	1.72	1.65	1.60	1.25	1.15	0.99	1.00	1.15	1.15	1.10
YoY Growth	-	-	4.24%	3.13%	28.00%	8.70%	16.16%	-1.00%	-13.04%	0.00%	4.55%	-18.52%
Dividend Yield	-	-	4.52%	3.95%	5.07%	4.06%	4.18%	4.34%	4.34%	5.06%	4.63%	4.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	745.29
(-) Cash Dividends Paid (M)	644.40
(=) Cash Retained (M)	100.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.06	93.16	55.90
Cash Retained (M)	100.89	100.89	100.89
(-) Cash Required (M)	-149.06	-93.16	-55.90
(=) Excess Retained (M)	-48.16	7.73	45.00
(/) Shares Outstanding (M)	360.43	360.43	360.43
(=) Excess Retained per Share	-0.13	0.02	0.12
LTM Dividend per Share	1.79	1.79	1.79
(+) Excess Retained per Share	-0.13	0.02	0.12
(=) Adjusted Dividend	1.65	1.81	1.91
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	1.91%	2.91%	3.91%
Fair Value	$38.32	$54.77	$82.83
Upside / Downside	1.51%	45.09%	119.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	745.29	766.98	789.30	812.27	835.91	860.24	886.05
Payout Ratio	86.46%	87.17%	87.88%	88.58%	89.29%	90.00%	92.50%
Projected Dividends (M)	644.40	668.58	693.62	719.55	746.41	774.21	819.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	1.91%	2.91%	3.91%
Year 1 PV (M)	622.79	628.90	635.01
Year 2 PV (M)	601.86	613.73	625.71
Year 3 PV (M)	581.60	598.89	616.51
Year 4 PV (M)	561.98	584.36	607.41
Year 5 PV (M)	542.99	570.16	598.41
PV of Terminal Value (M)	17,367.56	18,236.55	19,139.98
Equity Value (M)	20,278.77	21,232.58	22,223.03
Shares Outstanding (M)	360.43	360.43	360.43
Fair Value	$56.26	$58.91	$61.66
Upside / Downside	49.04%	56.05%	63.33%

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Thaitheparos Public Company Limited (SAUCE.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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