DDM Analysis: PRINC.BK

Valuation Snapshot

Stable Growth	$0.66 - $1.02	$0.83
Multi-Stage	$1.40 - $1.54	$1.47
Blended Fair Value	$1.15
Current Price	$1.93
Upside	-40.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	-100.00%	1,533.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.00%	0.13%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	281.30
(-) Cash Dividends Paid (M)	36.61
(=) Cash Retained (M)	244.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.26	35.16	21.10
Cash Retained (M)	244.69	244.69	244.69
(-) Cash Required (M)	-56.26	-35.16	-21.10
(=) Excess Retained (M)	188.43	209.53	223.59
(/) Shares Outstanding (M)	3,808.57	3,808.57	3,808.57
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.66	$0.83	$1.02
Upside / Downside	-65.59%	-57.05%	-47.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.30	278.49	275.70	272.94	270.21	267.51	275.54
Payout Ratio	13.01%	28.41%	43.81%	59.21%	74.60%	90.00%	92.50%
Projected Dividends (M)	36.61	79.12	120.78	161.60	201.59	240.76	254.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	73.39	74.14	74.89
Year 2 PV (M)	103.92	106.05	108.20
Year 3 PV (M)	128.97	132.96	137.03
Year 4 PV (M)	149.23	155.42	161.79
Year 5 PV (M)	165.33	173.94	182.90
PV of Terminal Value (M)	4,706.75	4,951.84	5,207.04
Equity Value (M)	5,327.59	5,594.34	5,871.85
Shares Outstanding (M)	3,808.57	3,808.57	3,808.57
Fair Value	$1.40	$1.47	$1.54
Upside / Downside	-27.52%	-23.89%	-20.12%

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Principal Capital Public Company Limited (PRINC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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