DDM Analysis: SMIT.BK

Valuation Snapshot

Stable Growth	$1.74 - $2.43	$2.08
Multi-Stage	$5.09 - $5.62	$5.35
Blended Fair Value	$3.72
Current Price	$3.46
Upside	7.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.73%	-0.80%	0.24	0.30	0.36	0.30	0.30	0.34	0.36	0.32	0.26	0.24
YoY Growth	-	-	-20.00%	-16.67%	20.01%	-0.01%	-11.76%	-5.56%	12.50%	23.08%	8.33%	-7.69%
Dividend Yield	-	-	6.15%	6.70%	7.66%	6.10%	7.21%	11.81%	6.21%	5.29%	5.88%	6.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	157.48
(-) Cash Dividends Paid (M)	127.20
(=) Cash Retained (M)	30.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.50	19.69	11.81
Cash Retained (M)	30.28	30.28	30.28
(-) Cash Required (M)	-31.50	-19.69	-11.81
(=) Excess Retained (M)	-1.21	10.60	18.47
(/) Shares Outstanding (M)	530.00	530.00	530.00
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-6.29%	-5.29%	-4.29%
Fair Value	$1.74	$2.08	$2.43
Upside / Downside	-49.80%	-39.82%	-29.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	157.48	149.16	141.27	133.80	126.73	120.03	123.63
Payout Ratio	80.77%	82.62%	84.46%	86.31%	88.15%	90.00%	92.50%
Projected Dividends (M)	127.20	123.23	119.32	115.48	111.72	108.03	114.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-6.29%	-5.29%	-4.29%
Year 1 PV (M)	114.44	115.67	116.89
Year 2 PV (M)	102.92	105.12	107.36
Year 3 PV (M)	92.50	95.50	98.55
Year 4 PV (M)	83.11	86.71	90.43
Year 5 PV (M)	74.63	78.70	82.95
PV of Terminal Value (M)	2,232.27	2,353.94	2,480.86
Equity Value (M)	2,699.88	2,835.65	2,977.04
Shares Outstanding (M)	530.00	530.00	530.00
Fair Value	$5.09	$5.35	$5.62
Upside / Downside	47.23%	54.63%	62.34%

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Financial Statements

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Sahamit Machinery Public Company Limited (SMIT.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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