DDM Analysis: SSP-R.BK

Valuation Snapshot

Stable Growth	$4.74 - $7.32	$5.94
Multi-Stage	$10.61 - $11.69	$11.14
Blended Fair Value	$8.54
Current Price	$3.46
Upside	146.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.46%	0.00%	0.10	0.06	0.21	0.01	0.08	0.16	0.15	0.00	0.00	0.00
YoY Growth	-	-	68.53%	-70.90%	2,460.39%	-89.90%	-49.31%	5.94%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.01%	0.74%	2.41%	0.09%	0.71%	3.51%	2.51%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	650.09
(-) Cash Dividends Paid (M)	250.12
(=) Cash Retained (M)	399.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	130.02	81.26	48.76
Cash Retained (M)	399.97	399.97	399.97
(-) Cash Required (M)	-130.02	-81.26	-48.76
(=) Excess Retained (M)	269.96	318.71	351.22
(/) Shares Outstanding (M)	1,264.99	1,264.99	1,264.99
(=) Excess Retained per Share	0.21	0.25	0.28
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.21	0.25	0.28
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.74	$5.94	$7.32
Upside / Downside	37.10%	71.70%	111.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	650.09	643.59	637.16	630.79	624.48	618.23	636.78
Payout Ratio	38.47%	48.78%	59.08%	69.39%	79.69%	90.00%	92.50%
Projected Dividends (M)	250.12	313.94	376.46	437.70	497.68	556.41	589.02

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)	291.82	294.80	297.78
Year 2 PV (M)	325.28	331.95	338.69
Year 3 PV (M)	351.54	362.42	373.51
Year 4 PV (M)	371.55	386.95	402.82
Year 5 PV (M)	386.13	406.24	427.17
PV of Terminal Value (M)	11,700.49	12,309.76	12,944.15
Equity Value (M)	13,426.81	14,092.11	14,784.13
Shares Outstanding (M)	1,264.99	1,264.99	1,264.99
Fair Value	$10.61	$11.14	$11.69
Upside / Downside	206.77%	221.97%	237.78%

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Financial Statements

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Sermsang Power Corporation Public Company Limited (SSP-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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