DDM Analysis: DELTA-R.BK

Valuation Snapshot

Stable Growth	$266.58 - $314.07	$294.33
Multi-Stage	$180.74 - $198.35	$189.38
Blended Fair Value	$241.86
Current Price	$158.50
Upside	52.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.37%	5.24%	0.45	0.40	0.17	0.33	0.18	0.23	0.22	0.30	0.31	0.30
YoY Growth	-	-	12.50%	135.29%	-48.48%	83.33%	-21.74%	4.55%	-26.67%	-3.23%	3.33%	11.11%
Dividend Yield	-	-	0.68%	0.54%	0.15%	0.85%	0.62%	6.76%	3.14%	4.41%	3.54%	3.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,713.71
(-) Cash Dividends Paid (M)	5,737.96
(=) Cash Retained (M)	13,975.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,942.74	2,464.21	1,478.53
Cash Retained (M)	13,975.75	13,975.75	13,975.75
(-) Cash Required (M)	-3,942.74	-2,464.21	-1,478.53
(=) Excess Retained (M)	10,033.01	11,511.54	12,497.23
(/) Shares Outstanding (M)	12,482.95	12,482.95	12,482.95
(=) Excess Retained per Share	0.80	0.92	1.00
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.80	0.92	1.00
(=) Adjusted Dividend	1.26	1.38	1.46
WACC / Discount Rate	2.36%	2.36%	2.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$266.58	$294.33	$314.07
Upside / Downside	68.19%	85.70%	98.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,713.71	20,995.10	22,359.78	23,813.17	25,361.02	27,009.49	27,819.77
Payout Ratio	29.11%	41.29%	53.46%	65.64%	77.82%	90.00%	92.50%
Projected Dividends (M)	5,737.96	8,667.86	11,954.40	15,631.57	19,736.27	24,308.54	25,733.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.36%	2.36%	2.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8,388.43	8,467.95	8,547.46
Year 2 PV (M)	11,196.09	11,409.34	11,624.61
Year 3 PV (M)	14,168.06	14,574.78	14,989.20
Year 4 PV (M)	17,311.80	17,977.56	18,662.34
Year 5 PV (M)	20,635.03	21,631.71	22,666.54
PV of Terminal Value (M)	2,184,447.40	2,289,957.03	2,399,504.75
Equity Value (M)	2,256,146.82	2,364,018.36	2,475,994.90
Shares Outstanding (M)	12,482.95	12,482.95	12,482.95
Fair Value	$180.74	$189.38	$198.35
Upside / Downside	14.03%	19.48%	25.14%

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Delta Electronics (Thailand) Public Company Limited (DELTA-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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