DDM Analysis: NNCL.BK

Valuation Snapshot

Stable Growth	$2.26 - $4.69	$3.18
Multi-Stage	$3.05 - $3.34	$3.20
Blended Fair Value	$3.19
Current Price	$1.30
Upside	145.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.10%	3.80%	0.11	0.10	0.10	0.16	0.07	0.09	0.08	0.04	0.00	0.00
YoY Growth	-	-	10.00%	-6.69%	-34.79%	112.79%	-14.18%	12.50%	116.22%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	6.48%	4.95%	5.14%	6.41%	2.87%	6.08%	4.22%	2.13%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	273.89
(-) Cash Dividends Paid (M)	225.30
(=) Cash Retained (M)	48.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.78	34.24	20.54
Cash Retained (M)	48.59	48.59	48.59
(-) Cash Required (M)	-54.78	-34.24	-20.54
(=) Excess Retained (M)	-6.19	14.35	28.05
(/) Shares Outstanding (M)	2,134.66	2,134.66	2,134.66
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	2.18%	3.18%	4.18%
Fair Value	$2.26	$3.18	$4.69
Upside / Downside	73.92%	144.88%	260.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	273.89	282.59	291.57	300.83	310.39	320.25	329.85
Payout Ratio	82.26%	83.81%	85.36%	86.90%	88.45%	90.00%	92.50%
Projected Dividends (M)	225.30	236.83	248.87	261.43	274.54	288.22	305.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	2.18%	3.18%	4.18%
Year 1 PV (M)	219.57	221.72	223.87
Year 2 PV (M)	213.92	218.13	222.38
Year 3 PV (M)	208.34	214.52	220.82
Year 4 PV (M)	202.84	210.90	219.20
Year 5 PV (M)	197.43	207.28	217.52
PV of Terminal Value (M)	5,478.15	5,751.52	6,035.70
Equity Value (M)	6,520.26	6,824.08	7,139.49
Shares Outstanding (M)	2,134.66	2,134.66	2,134.66
Fair Value	$3.05	$3.20	$3.34
Upside / Downside	134.96%	145.91%	157.27%

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Nava Nakorn Public Company Limited (NNCL.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener