DDM Analysis: TPIPP-R.BK

Valuation Snapshot

Stable Growth	$3.12 - $4.82	$3.91
Multi-Stage	$6.89 - $7.59	$7.23
Blended Fair Value	$5.57
Current Price	$2.24
Upside	148.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.89%	0.00%	0.21	0.24	0.25	0.27	0.32	0.30	0.34	0.45	0.30	0.00
YoY Growth	-	-	-12.50%	-4.00%	-7.41%	-15.63%	6.67%	-11.76%	-24.38%	48.02%	0.00%	0.00%
Dividend Yield	-	-	9.45%	7.22%	7.43%	6.92%	7.30%	9.80%	5.62%	6.61%	4.34%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,844.56
(-) Cash Dividends Paid (M)	588.00
(=) Cash Retained (M)	2,256.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	568.91	355.57	213.34
Cash Retained (M)	2,256.56	2,256.56	2,256.56
(-) Cash Required (M)	-568.91	-355.57	-213.34
(=) Excess Retained (M)	1,687.65	1,900.99	2,043.22
(/) Shares Outstanding (M)	8,406.84	8,406.84	8,406.84
(=) Excess Retained per Share	0.20	0.23	0.24
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.20	0.23	0.24
(=) Adjusted Dividend	0.27	0.30	0.31
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.12	$3.91	$4.82
Upside / Downside	39.47%	74.67%	115.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,844.56	2,816.12	2,787.95	2,760.07	2,732.47	2,705.15	2,786.30
Payout Ratio	20.67%	34.54%	48.40%	62.27%	76.13%	90.00%	92.50%
Projected Dividends (M)	588.00	972.60	1,349.44	1,718.65	2,080.35	2,434.63	2,577.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	904.08	913.31	922.53
Year 2 PV (M)	1,166.02	1,189.94	1,214.10
Year 3 PV (M)	1,380.44	1,423.13	1,466.69
Year 4 PV (M)	1,553.25	1,617.62	1,683.98
Year 5 PV (M)	1,689.72	1,777.71	1,869.32
PV of Terminal Value (M)	51,232.25	53,900.04	56,677.81
Equity Value (M)	57,925.76	60,821.74	63,834.44
Shares Outstanding (M)	8,406.84	8,406.84	8,406.84
Fair Value	$6.89	$7.23	$7.59
Upside / Downside	207.60%	222.98%	238.98%

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TPI Polene Power Public Company Limited (TPIPP-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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