DDM Analysis: NTV.BK

Valuation Snapshot

Stable Growth	$24.07 - $40.00	$31.10
Multi-Stage	$43.76 - $48.03	$45.86
Blended Fair Value	$38.48
Current Price	$24.90
Upside	54.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	4.84%	1.46	1.13	0.60	0.87	1.58	1.46	1.33	1.19	1.12	1.00
YoY Growth	-	-	29.20%	88.33%	-31.03%	-44.94%	8.22%	9.77%	11.76%	6.25%	12.00%	9.89%
Dividend Yield	-	-	5.21%	3.07%	1.53%	2.47%	3.83%	3.65%	2.43%	2.20%	2.17%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	331.55
(-) Cash Dividends Paid (M)	219.20
(=) Cash Retained (M)	112.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.31	41.44	24.87
Cash Retained (M)	112.35	112.35	112.35
(-) Cash Required (M)	-66.31	-41.44	-24.87
(=) Excess Retained (M)	46.04	70.91	87.48
(/) Shares Outstanding (M)	160.00	160.00	160.00
(=) Excess Retained per Share	0.29	0.44	0.55
LTM Dividend per Share	1.37	1.37	1.37
(+) Excess Retained per Share	0.29	0.44	0.55
(=) Adjusted Dividend	1.66	1.81	1.92
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-0.06%	0.94%	1.94%
Fair Value	$24.07	$31.10	$40.00
Upside / Downside	-3.35%	24.91%	60.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	331.55	334.68	337.84	341.02	344.24	347.49	357.92
Payout Ratio	66.11%	70.89%	75.67%	80.45%	85.22%	90.00%	92.50%
Projected Dividends (M)	219.20	237.26	255.64	274.34	293.37	312.74	331.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-0.06%	0.94%	1.94%
Year 1 PV (M)	219.89	222.09	224.29
Year 2 PV (M)	219.58	224.00	228.46
Year 3 PV (M)	218.40	225.02	231.78
Year 4 PV (M)	216.46	225.26	234.32
Year 5 PV (M)	213.86	224.78	236.14
PV of Terminal Value (M)	5,914.04	6,215.89	6,529.94
Equity Value (M)	7,002.25	7,337.04	7,684.93
Shares Outstanding (M)	160.00	160.00	160.00
Fair Value	$43.76	$45.86	$48.03
Upside / Downside	75.76%	84.16%	92.89%

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Nonthavej Hospital Public Company Limited (NTV.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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