DDM Analysis: 5401.KL

Valuation Snapshot

Stable Growth	$0.59 - $0.86	$0.72
Multi-Stage	$0.96 - $1.06	$1.01
Blended Fair Value	$0.86
Current Price	$1.19
Upside	-27.38%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	3.17%	0.00%	0.02	0.02	0.02	0.01	0.01	0.02	0.00	0.00	0.00	0.00
YoY Growth	-	-	4.96%	11.45%	128.79%	0.26%	-56.44%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.68%	1.45%	1.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	199.00
(-) Cash Dividends Paid (M)	11.34
(=) Cash Retained (M)	187.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.80	24.87	14.92
Cash Retained (M)	187.66	187.66	187.66
(-) Cash Required (M)	-39.80	-24.87	-14.92
(=) Excess Retained (M)	147.86	162.78	172.73
(/) Shares Outstanding (M)	2,487.82	2,487.82	2,487.82
(=) Excess Retained per Share	0.06	0.07	0.07
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.06	0.07	0.07
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.59	$0.72	$0.86
Upside / Downside	-50.50%	-39.64%	-28.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	199.00	197.01	195.04	193.09	191.16	189.24	194.92
Payout Ratio	5.70%	22.56%	39.42%	56.28%	73.14%	90.00%	92.50%
Projected Dividends (M)	11.34	44.44	76.88	108.67	139.81	170.32	180.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	40.49	40.91	41.32
Year 2 PV (M)	63.82	65.13	66.46
Year 3 PV (M)	82.19	84.73	87.33
Year 4 PV (M)	96.35	100.34	104.46
Year 5 PV (M)	106.94	112.51	118.31
PV of Terminal Value (M)	2,005.04	2,109.45	2,218.16
Equity Value (M)	2,394.84	2,513.08	2,636.03
Shares Outstanding (M)	2,487.82	2,487.82	2,487.82
Fair Value	$0.96	$1.01	$1.06
Upside / Downside	-19.11%	-15.11%	-10.96%

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Tropicana Corporation Berhad (5401.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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