DDM Analysis: TMW.BK

Valuation Snapshot

Stable Growth	$1,136.73 - $2,641.30	$2,475.28
Multi-Stage	$388.23 - $425.08	$406.31
Blended Fair Value	$1,440.80
Current Price	$52.25
Upside	2,657.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.19%	13.21%	4.15	1.70	0.90	0.46	1.78	2.80	2.55	1.32	1.05	1.00
YoY Growth	-	-	144.12%	88.89%	95.65%	-74.16%	-36.43%	9.80%	93.18%	25.71%	5.00%	-16.67%
Dividend Yield	-	-	8.35%	2.78%	2.37%	1.33%	4.78%	7.47%	3.97%	2.04%	2.52%	3.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	529.61
(-) Cash Dividends Paid (M)	144.04
(=) Cash Retained (M)	385.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.92	66.20	39.72
Cash Retained (M)	385.57	385.57	385.57
(-) Cash Required (M)	-105.92	-66.20	-39.72
(=) Excess Retained (M)	279.65	319.37	345.85
(/) Shares Outstanding (M)	39.88	39.88	39.88
(=) Excess Retained per Share	7.01	8.01	8.67
LTM Dividend per Share	3.61	3.61	3.61
(+) Excess Retained per Share	7.01	8.01	8.67
(=) Adjusted Dividend	10.62	11.62	12.29
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,136.73	$2,475.28	$2,641.30
Upside / Downside	2,075.57%	4,637.38%	4,955.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	529.61	564.04	600.70	639.74	681.33	725.61	747.38
Payout Ratio	27.20%	39.76%	52.32%	64.88%	77.44%	90.00%	92.50%
Projected Dividends (M)	144.04	224.25	314.28	415.06	527.62	653.05	691.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	208.61	210.59	212.57
Year 2 PV (M)	271.98	277.16	282.39
Year 3 PV (M)	334.15	343.74	353.51
Year 4 PV (M)	395.15	410.34	425.97
Year 5 PV (M)	454.99	476.96	499.78
PV of Terminal Value (M)	13,816.38	14,483.71	15,176.59
Equity Value (M)	15,481.24	16,202.50	16,950.81
Shares Outstanding (M)	39.88	39.88	39.88
Fair Value	$388.23	$406.31	$425.08
Upside / Downside	643.02%	677.63%	713.55%

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Thai Mitsuwa Public Company Limited (TMW.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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