DDM Analysis: KCAR.BK

Valuation Snapshot

Stable Growth	$7.86 - $13.03	$10.15
Multi-Stage	$17.67 - $19.44	$18.54
Blended Fair Value	$14.34
Current Price	$5.45
Upside	163.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-24.21%	-9.40%	0.19	0.56	0.45	0.39	0.56	0.76	0.95	1.23	0.54	0.43
YoY Growth	-	-	-66.07%	24.44%	15.38%	-30.36%	-26.32%	-20.00%	-22.76%	127.78%	25.58%	-15.69%
Dividend Yield	-	-	4.75%	8.89%	5.56%	4.67%	6.36%	9.56%	8.19%	8.20%	3.46%	4.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	171.78
(-) Cash Dividends Paid (M)	75.00
(=) Cash Retained (M)	96.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.36	21.47	12.88
Cash Retained (M)	96.78	96.78	96.78
(-) Cash Required (M)	-34.36	-21.47	-12.88
(=) Excess Retained (M)	62.43	75.31	83.90
(/) Shares Outstanding (M)	250.00	250.00	250.00
(=) Excess Retained per Share	0.25	0.30	0.34
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.25	0.30	0.34
(=) Adjusted Dividend	0.55	0.60	0.64
WACC / Discount Rate	5.98%	5.98%	5.98%
Growth Rate	-0.95%	0.05%	1.05%
Fair Value	$7.86	$10.15	$13.03
Upside / Downside	44.21%	86.20%	139.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	171.78	171.86	171.95	172.03	172.12	172.20	177.37
Payout Ratio	43.66%	52.93%	62.20%	71.46%	80.73%	90.00%	92.50%
Projected Dividends (M)	75.00	90.96	106.95	122.94	138.95	154.98	164.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.98%	5.98%	5.98%
Growth Rate	-0.95%	0.05%	1.05%
Year 1 PV (M)	84.98	85.84	86.69
Year 2 PV (M)	93.33	95.22	97.14
Year 3 PV (M)	100.23	103.29	106.42
Year 4 PV (M)	105.82	110.16	114.63
Year 5 PV (M)	110.26	115.94	121.85
PV of Terminal Value (M)	3,921.90	4,123.91	4,334.17
Equity Value (M)	4,416.52	4,634.37	4,860.91
Shares Outstanding (M)	250.00	250.00	250.00
Fair Value	$17.67	$18.54	$19.44
Upside / Downside	224.15%	240.14%	256.76%

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Krungthai Car Rent and Lease Public Company Limited (KCAR.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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