DDM Analysis: SAWAD-R.BK

Valuation Snapshot

Stable Growth	$511.45 - $602.58	$564.70
Multi-Stage	$105.25 - $115.39	$110.22
Blended Fair Value	$337.46
Current Price	$30.00
Upside	1,024.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.38%	-23.33%	0.01	1.52	1.52	1.52	1.18	0.01	0.01	0.01	0.00	0.00
YoY Growth	-	-	-99.36%	0.01%	0.03%	28.53%	12,928.50%	-31.79%	139.01%	195.56%	2.07%	-98.67%
Dividend Yield	-	-	0.04%	4.36%	3.49%	3.23%	1.68%	0.03%	0.03%	0.01%	0.01%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,918.31
(-) Cash Dividends Paid (M)	60.40
(=) Cash Retained (M)	4,857.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	983.66	614.79	368.87
Cash Retained (M)	4,857.91	4,857.91	4,857.91
(-) Cash Required (M)	-983.66	-614.79	-368.87
(=) Excess Retained (M)	3,874.25	4,243.12	4,489.04
(/) Shares Outstanding (M)	1,623.24	1,623.24	1,623.24
(=) Excess Retained per Share	2.39	2.61	2.77
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	2.39	2.61	2.77
(=) Adjusted Dividend	2.42	2.65	2.80
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$511.45	$564.70	$602.58
Upside / Downside	1,604.84%	1,782.34%	1,908.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,918.31	5,238.00	5,578.47	5,941.07	6,327.24	6,738.51	6,940.67
Payout Ratio	1.23%	18.98%	36.74%	54.49%	72.25%	90.00%	92.50%
Projected Dividends (M)	60.40	994.30	2,049.35	3,237.36	4,571.15	6,064.66	6,420.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	929.96	938.77	947.59
Year 2 PV (M)	1,792.70	1,826.85	1,861.32
Year 3 PV (M)	2,648.67	2,724.71	2,802.18
Year 4 PV (M)	3,497.91	3,632.43	3,770.79
Year 5 PV (M)	4,340.45	4,550.09	4,767.76
PV of Terminal Value (M)	157,630.99	165,244.62	173,149.65
Equity Value (M)	170,840.68	178,917.47	187,299.29
Shares Outstanding (M)	1,623.24	1,623.24	1,623.24
Fair Value	$105.25	$110.22	$115.39
Upside / Downside	250.82%	267.41%	284.62%

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Srisawad Corporation Public Company Limited (SAWAD-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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