DDM Analysis: TC.BK

Valuation Snapshot

Stable Growth	$8.68 - $14.80	$11.34
Multi-Stage	$16.89 - $18.57	$17.72
Blended Fair Value	$14.53
Current Price	$5.25
Upside	176.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.79%	0.00%	0.10	0.50	0.15	0.25	0.12	0.15	0.05	0.10	0.15	0.15
YoY Growth	-	-	-80.00%	233.33%	-40.00%	108.33%	-20.00%	200.00%	-50.00%	-33.33%	0.00%	49.99%
Dividend Yield	-	-	1.65%	8.17%	1.78%	2.92%	2.12%	6.03%	1.29%	3.30%	4.53%	3.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	233.89
(-) Cash Dividends Paid (M)	99.00
(=) Cash Retained (M)	134.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.78	29.24	17.54
Cash Retained (M)	134.89	134.89	134.89
(-) Cash Required (M)	-46.78	-29.24	-17.54
(=) Excess Retained (M)	88.11	105.65	117.35
(/) Shares Outstanding (M)	330.89	330.89	330.89
(=) Excess Retained per Share	0.27	0.32	0.35
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.27	0.32	0.35
(=) Adjusted Dividend	0.57	0.62	0.65
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.19%	0.81%	1.81%
Fair Value	$8.68	$11.34	$14.80
Upside / Downside	65.43%	115.98%	181.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	233.89	235.79	237.70	239.63	241.57	243.53	250.84
Payout Ratio	42.33%	51.86%	61.40%	70.93%	80.47%	90.00%	92.50%
Projected Dividends (M)	99.00	122.28	145.94	169.97	194.38	219.18	232.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.19%	0.81%	1.81%
Year 1 PV (M)	113.89	115.03	116.17
Year 2 PV (M)	126.58	129.13	131.70
Year 3 PV (M)	137.30	141.47	145.72
Year 4 PV (M)	146.23	152.18	158.31
Year 5 PV (M)	153.56	161.41	169.57
PV of Terminal Value (M)	4,911.44	5,162.46	5,423.63
Equity Value (M)	5,588.99	5,861.67	6,145.11
Shares Outstanding (M)	330.89	330.89	330.89
Fair Value	$16.89	$17.72	$18.57
Upside / Downside	221.73%	237.43%	253.75%

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Tropical Canning (Thailand) Public Company Limited (TC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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