DDM Analysis: TOA.BK

Valuation Snapshot

Stable Growth	$20.63 - $40.58	$28.50
Multi-Stage	$34.17 - $37.53	$35.82
Blended Fair Value	$32.16
Current Price	$13.60
Upside	136.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.45%	-1.30%	0.63	0.59	0.45	0.59	0.55	0.42	0.36	0.76	3.29	0.76
YoY Growth	-	-	6.04%	31.82%	-23.12%	5.98%	31.71%	17.14%	-52.59%	-77.04%	331.55%	6.33%
Dividend Yield	-	-	5.57%	2.87%	1.45%	1.97%	1.74%	1.33%	1.14%	1.91%	13.72%	3.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,523.30
(-) Cash Dividends Paid (M)	1,168.07
(=) Cash Retained (M)	1,355.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	504.66	315.41	189.25
Cash Retained (M)	1,355.23	1,355.23	1,355.23
(-) Cash Required (M)	-504.66	-315.41	-189.25
(=) Excess Retained (M)	850.57	1,039.82	1,165.98
(/) Shares Outstanding (M)	1,981.03	1,981.03	1,981.03
(=) Excess Retained per Share	0.43	0.52	0.59
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.43	0.52	0.59
(=) Adjusted Dividend	1.02	1.11	1.18
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	1.16%	2.16%	3.16%
Fair Value	$20.63	$28.50	$40.58
Upside / Downside	51.73%	109.53%	198.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,523.30	2,577.83	2,633.53	2,690.43	2,748.57	2,807.96	2,892.20
Payout Ratio	46.29%	55.03%	63.77%	72.52%	81.26%	90.00%	92.50%
Projected Dividends (M)	1,168.07	1,418.66	1,679.53	1,951.01	2,233.44	2,527.17	2,675.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	1.16%	2.16%	3.16%
Year 1 PV (M)	1,323.30	1,336.38	1,349.47
Year 2 PV (M)	1,461.34	1,490.37	1,519.69
Year 3 PV (M)	1,583.45	1,630.88	1,679.24
Year 4 PV (M)	1,690.84	1,758.69	1,828.57
Year 5 PV (M)	1,784.61	1,874.58	1,968.14
PV of Terminal Value (M)	59,853.68	62,871.09	66,008.99
Equity Value (M)	67,697.22	70,962.00	74,354.09
Shares Outstanding (M)	1,981.03	1,981.03	1,981.03
Fair Value	$34.17	$35.82	$37.53
Upside / Downside	151.27%	163.39%	175.98%

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TOA Paint (Thailand) Public Company Limited (TOA.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener