DDM Analysis: BLA-R.BK

Valuation Snapshot

Stable Growth	$18.73 - $26.70	$22.65
Multi-Stage	$46.78 - $51.69	$49.19
Blended Fair Value	$35.92
Current Price	$15.40
Upside	133.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.14%	0.03%	0.40	0.56	0.88	0.23	0.32	0.72	0.54	0.75	0.64	0.78
YoY Growth	-	-	-28.72%	-36.31%	281.86%	-28.25%	-55.46%	33.30%	-27.71%	16.96%	-17.81%	95.36%
Dividend Yield	-	-	2.20%	3.20%	3.14%	0.53%	1.23%	6.05%	1.93%	2.33%	1.24%	1.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,885.43
(-) Cash Dividends Paid (M)	679.87
(=) Cash Retained (M)	4,205.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	977.09	610.68	366.41
Cash Retained (M)	4,205.56	4,205.56	4,205.56
(-) Cash Required (M)	-977.09	-610.68	-366.41
(=) Excess Retained (M)	3,228.47	3,594.88	3,839.15
(/) Shares Outstanding (M)	1,705.35	1,705.35	1,705.35
(=) Excess Retained per Share	1.89	2.11	2.25
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	1.89	2.11	2.25
(=) Adjusted Dividend	2.29	2.51	2.65
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-4.90%	-3.90%	-2.90%
Fair Value	$18.73	$22.65	$26.70
Upside / Downside	21.61%	47.05%	73.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,885.43	4,694.80	4,511.60	4,335.56	4,166.38	4,003.80	4,123.92
Payout Ratio	13.92%	29.13%	44.35%	59.57%	74.78%	90.00%	92.50%
Projected Dividends (M)	679.87	1,367.74	2,000.89	2,582.54	3,115.75	3,603.42	3,814.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-4.90%	-3.90%	-2.90%
Year 1 PV (M)	1,268.09	1,281.43	1,294.76
Year 2 PV (M)	1,719.97	1,756.33	1,793.07
Year 3 PV (M)	2,058.22	2,123.84	2,190.83
Year 4 PV (M)	2,302.28	2,400.65	2,502.15
Year 5 PV (M)	2,468.64	2,601.19	2,739.38
PV of Terminal Value (M)	69,961.12	73,717.67	77,633.88
Equity Value (M)	79,778.32	83,881.12	88,154.08
Shares Outstanding (M)	1,705.35	1,705.35	1,705.35
Fair Value	$46.78	$49.19	$51.69
Upside / Downside	203.77%	219.40%	235.67%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
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RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Bangkok Life Assurance Public Company Limited (BLA-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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